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Major Support & Resistance (pivot points – explained):
Pivot: 6584; Support: 6565, 6541, 622; Resistance: 6609, 6628, 6652
The appetite for a push higher still lurks especially with the cooling in concerns over Syria and despite next week being T-day for the Fed‘s QE3 bond buying programme (in spite of mixed July/Aug data since better Q2 GDP).
The index continues to butt its head against 6600, making little headway. The mid-Aug high around 6620 still looks set to prove a hurdle, especially when combined with trendline of falling highs from May’s spike to near the 1999 all-time high.
I’m still concerned at the potential rising wedge on the 1-month graph which could see a breakdown around 6620 and another pullback. Thankfully, though, the 3-month graph shows that any pullback would likely just be a pause in the uptrend from late June, thanks to the August low being well above that of June and rising support late last month.
Nonetheless we still have several conflicting trends. Long–term downtrend versus short–term uptrend. Mid–term suggesting potential rising wedge which could lead to a bearish breakdown. Congestion and a battle likely 6620-6630. Be prepared.
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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