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Major Support & Resistance (pivot points – explained):
Pivot: 6596; Support: 6559, 6537, 6500; Resistance: 6618, 6656, 6678
So the no-taper euphoria continues to evaporate, with Fed speakers updating markets with their views and muddying the policy interpretations waters further; George saying wanted to taper in September, Bullard saying could taper in October. Communication still an issue. And more Fed speakers this afternoon.
While nice to get the Fed out of the way, data to be a major focus into year-end and possible that we get a September-like build-up on taper expectations every month until year-end, maybe even into early next year when Bernanke steps down.
While the diverging views of Fed members serves to confuse, it could nonetheless actually help with pushing out expectations far enough to let markets get on with what they want to do – push higher.
Long-term uptrend still intact, but support being tested. Shorter-term shows falling channel toward rising support at 6540. Some support still at 6560. Data light schedule could see markets sideways today.
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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