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Major Support & Resistance (pivot points – explained):
Pivot: 6496; Support: 6467, 6451, 6422; Resistance: 6512, 6541, 6558
Combination of geopolitical concerns (Middle East) the Fed’s taperweight (timing and new chairperson) and a US macro data miss (US durable goods) adding to questions on economic growth recovery all dominating and taking the shine of last week’s rally and hoped-for decisive breakout.
Trend of falling highs from the beginning of the month failing to be breached at 6530. Correction from August highs still very much in progress. Downside now possible to last week’s lows of 6350, however, the 6400 (round number) and 200-day MA (now at 6420) may provide some support long the way.
Then again, with so much bad news (anticipated, or confirmed) out in the open does this mean downside could be limited? Support at 6450 overnight lows and the region which we broke-out from last week? It may be summer, but it certainly isn’t slow. Keep your wits about you. Lots going on in comparison to summers of late.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
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