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EQUITY TECHS: E-MINI S&P: (Z4) Northbound

EQUITY TECHS
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  • RES 4: 6028.44 1.236 projection of the Sep 6 - 17 - 18 price swing
  • RES 3: 6012.75 1.00 projection of the Aug 5 - Sep 3 - 6 price swing
  • RES 2: 6000.00 Psychological handle
  • RES 1: 5977.25 Intraday high    
  • PRICE: 5976.50 @ 14:17 GMT Nov 7
  • SUP 1: 5829.92/5724.25 20-day EMA / Low Nov 4  
  • SUP 2: 5675.25 Low Sep 18
  • SUP 3: 5637.60 38.2% retracement of the Aug 5 - Oct 17 bull cycle     
  • SUP 4: 5600.25 Low Sep 12

Bullish conditions in S&P E-Minis remain intact. A key short-term support has been defined at 5724.25, Nov 4 low. Price is trading above both the 20- and 50-day EMAs and this week’s gains have resulted in a breach of the bull trigger at 5927.25, Oct 17 high. Clearance of this level confirms a resumption of the primary uptrend and opens the 6000.0 psychological handle. A breach of 5724.25, the Nov 4 low is required to reinstate a bearish threat.

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  • RES 4: 6028.44 1.236 projection of the Sep 6 - 17 - 18 price swing
  • RES 3: 6012.75 1.00 projection of the Aug 5 - Sep 3 - 6 price swing
  • RES 2: 6000.00 Psychological handle
  • RES 1: 5977.25 Intraday high    
  • PRICE: 5976.50 @ 14:17 GMT Nov 7
  • SUP 1: 5829.92/5724.25 20-day EMA / Low Nov 4  
  • SUP 2: 5675.25 Low Sep 18
  • SUP 3: 5637.60 38.2% retracement of the Aug 5 - Oct 17 bull cycle     
  • SUP 4: 5600.25 Low Sep 12

Bullish conditions in S&P E-Minis remain intact. A key short-term support has been defined at 5724.25, Nov 4 low. Price is trading above both the 20- and 50-day EMAs and this week’s gains have resulted in a breach of the bull trigger at 5927.25, Oct 17 high. Clearance of this level confirms a resumption of the primary uptrend and opens the 6000.0 psychological handle. A breach of 5724.25, the Nov 4 low is required to reinstate a bearish threat.