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Shooting Star Candle Highlights A Reversal Threat

  • A rally in the S&P E-Minis Tuesday saw price trade above 4142.50, Dec 1 high.
  • However, a strong reversal, resulted in a sharp move lower and price remains below Tuesday high.
  • The contract is trading lower today and this highlights a possible bearish threat.
  • Note that Tuesday’s candle pattern is a shooting star formation - a reversal signal.
  • A continuation lower would expose key support at 3945.75, Dec 7 low. Key resistance is 4180.00, Dec 13 high.

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