Remains Vulnerable

• RES 4: 4854.19 0.764 proj of the Oct 1 - Nov 22 - Dec 3 price swing
• RES 1: 4800.00 Round number resistance
• RES 2: 4783.78 0.618 proj of the Oct 1 - Nov 22 - Dec 3 price swing
• RES 1: 4668.00/4743.25 High Dec 17 / High Dec 16
• PRICE: 4553.50 @ 14:27 GMT Dec 20
• SUP 1: 4524.75 Low Dec 6
• SUP 2: 4485.75 Low Dec 3 and the bear trigger
• SUP 3: 4493.88 61.8% retracement of the Oct 1 - Nov 22 rally
• SUP 4: 4436.97 76.4% retracement of the Oct 1 - Nov 22 rally

S&P E-minis have started the week on a softer note. The sell-off late last week and today, signals potential for a deeper pullback. Note that futures are back below the 50-day EMA, at 4590.64. This is an important technical development as it strengthens a bearish threat and exposes key support at 4485.75, Dec 3 low. A break would reinforce a bearish threat. Major resistance has been defined at last week’s high of 4743.25, Dec 16 high.