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Watching Resistance At The EMAs

EQUITY TECHS
  • RES 4: 4671.75 High Jan 18
  • RES 3: 4586.00 High Feb 2 and a key resistance
  • RES 2: 4473.77 50-day EMA
  • RES 1: 4418.75 High MAr 3
  • PRICE: 4316.75 @ 14:39 GMT Mar 4
  • SUP 1: 4227.50/4101.75 Low Feb 25 / Low Feb 24 and a bear trigger
  • SUP 2: 4055.60 Low May 19 2021 (cont)
  • SUP 3: 4029.25 Low May 13 2021 (cont)
  • SUP 4: 3990.50 0.764 proj of the Jan 4 - 24 - Feb 2 price swing

E-Mini S&P futures are lower today. The contract traded to a fresh weekly high Thursday and moved above the 20-day EMA at 4393.16. The break of this EMA does suggest scope for an extension of the current corrective recovery and attention turns to the 50-day EMA at 4473.77. This average represents a key near-term resistance, with trend conditions still highlighting a downtrend. Initial support is seen at 4227.50, Feb 25 low.

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