Technical & Trade View
SP500 (emini futures contract)
Bias: Bullish Above Bearish below 3770
Technicals
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Intraday 3800 is primary support
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Primary pattern objective is 4125
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Acceptance above 3930 next pattern confirmation
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Failure below 3770 opens a test of 3730
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20 Day VWAP bullish , 5 Day VWAP bullish
Notes
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Goldman Sachs institutional trading desk notes that Commodity Trading Advisors (CTA’s) 'are still Buyers: Over 1 week in a flat tape = $38bn to buy/ Over 1m flat tape= $37B to buy (significant portion of this is in FTSE100). Based on our math they bought $43last week and bought 79bn in last month. We crossed back through the short-term trigger level today: 3804'
Source: Tickmill
