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S&P E-Minis Bull Trend Intact Above The 50-Day EMA

  • S&P E-minis outlook remains bullish despite the current pullback.
  • Recent gains confirmed a resumption of the uptrend and signal scope for a continuation near-term.
  • The sell-off Jul 14 - 19 resulted in a break of 4279.25, Jul 8 low.
  • However the contract found support at the 50-day EMA - this EMA represents an important support and the bounce from it is bullish.
  • The focus is on 4420.92, a Fibonacci projection.
  • Key support is at 4224.00, Jul 19 low.
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