November 20, 2024 14:26 GMT
EQUITY TECHS: (Z4) Outlook Remains Bullish
EQUITY TECHS
- RES 4: 6145.26 1.236 proj of the Aug 5 - Sep 3 - 6 price swing
- RES 3: 6103.88 1.500 projection of the Sep 6 - 17 - 18 price swing
- RES 2: 6070.16 1.382 projection of the Sep 6 - 17 - 18 price swing
- RES 1: 5974.25/6053.25 High Nov 15 / 11 and the bull trigger
- PRICE: 5940.75 @ 14:15 GMT Nov 20
- SUP 1: 5855.00 Low Nov 19
- SUP 2: 5834.60 50-day EMA
- SUP 3: 5724.25 Low Nov 4 and a key support
- SUP 4: 5675.25 Low Sep 18
The latest move lower in the S&P E-Minis contract appears corrective. Medium-term trend signals such as moving average studies, continue to highlight a dominant uptrend. The contract has traded through the 20-day EMA. The next key support to monitor is 5834.60, the 50-day EMA. A clear break of this level would signal scope for a deeper retracement. A resumption of gains would refocus attention on the bull trigger at 6053.25, Nov 11 high.
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