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Major Support & Resistance (pivot points – explained):
Pivot Point: 6555; Support 1, 2 & 3: 6528, 6507, 6480, ; Resistance 1, 2 & 3: 6576, 6603, 6623
The Index rebound is holding up but progress has slowed. Pause or problem? Fed member taper talk or slower Chinese data the culprit? Or a bit of both?
Our short-term chart shows progress while the medium-term highlights much resistance and the long-term potential for the multi-week correction to have found major support. Pick your time frame.
Daily momentum is pointing north after a bounce but it has yet to go positive. Falling index highs still dominate at 6635 meaning we are technically still in within a correction and that now major trendline still needs breaching before any reversal can be called.
Watch levels: 24-hour resistance 6570 and support 6540 via recent rising lows.
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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