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Major Support & Resistance (pivot points – explained):
Pivot Point: 6357; Support 1, 2 & 3: 6282, 6233, 6157; Resistance 1, 2 & 3: 6407, 6482, 6532
Yesterday’s breakdown though 6380 and failed recovery overnight demonstrates how the US political fiscal standoff is trumping even news of continuity at the Fed with Obama nominating dovish vice-chair Yellen for the hot seat, likely meaning rates lower, and tapering held back, for longer. IMF growth forecast cuts also adding to gloom, even if Alcoa kicked off US Q3 earnings season on the front foot.
We were looking for a break one way or another, and down it was as the pressure from 19 Sept and over the last 2 weeks became too much. The break below August lows means potential for declines to go all the way to 6250. The silver lining is this being the trendline of 2yr rising support. If a visit if this could coincide with a US resolution, the longer-term uptrend could get back on track.. For now, though aversion to risk still high.
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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