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Key Support Remains Exposed


Pullback Extends, But Still Looks Corrective in Nature


FED Remains in Play Post-NFP/ISM Data

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E-MINI S&P (Z2): Short-Term Trend Needle Still Points North

  • RES 4: 4023.44 61.8% retracement of the Aug 16 - Oct 13 downleg
  • RES 3: 3981.25 High Sep 14
  • RES 2: 3923.88 50.0% retracement of the Aug 16 - Oct 13 downleg
  • RES 1: 3874.50 High Oct 26
  • PRICE: 3846.75 @ 14:41 BST Oct 28
  • SUP 1: 3758.61/3641.50 20-day EMA / Low Oct 21
  • SUP 2: 3590.50/3502.00 Low Oct 17 / 13 and the bear trigger
  • SUP 3: 3491.13 50.0% retracement of the 2020 - 2022 bull cycle
  • SUP 4: 3453.78 1.618 proj of the Aug 16 - Sep 7 - 13 price swing

S&P E-Minis maintains a bullish tone and the contract is holding the bulk of its recent gains. The latest pullback is considered corrective. This week’s climb resulted in a break of the 3820.00 hurdle, Oct 5 high. Furthermore, price has traded above the 50-day EMA, at 3831.28. A resumption of gains would signal scope for a climb towards 3923.88, a Fibonacci retracement. On the downside, key short-term support has been defined at 3641.50.

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