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Holding Off Bullish Trend Near Last Week’s Lows

US STOCKS
  • S&P e-minis closed early at 4075.75 (-0.3%) at the low end of a narrow 16 point range on Presidents’ Day, against a backdrop of a minor cheapening in Treasury futures. There were similar moves for Nasdaq (-0.2%) and Dow (-0.3%) futures.
  • In doing so it only unwound half of Friday’s intraday recovery and kept off its low of 4055.75, otherwise at levels last seen briefly on Feb 10 and before that Feb 1.
  • The trend condition is bullish and the latest pullback is considered corrective. The contract has pierced initial support at 4069.52, the 20-day EMA. Firmer support lies at the 50-day EMA, at 4006.63 whilst key resistance and the bull trigger intersect at 4208.50 (Feb 2 high) with a breach resuming the uptrend.
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