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Apologies: All graphs and comments as of 11:05am, but released late by email
Major Support & Resistance (pivot points – explained):
Pivot Point: 6444; Support 1, 2 & 3: 6424, 6409, 6390, ; Resistance 1, 2 & 3: 6458, 6478, 6493
Yet another leg lower. This time with China PMI Manufacturing and Japanese Business Outlook disappointing, and adding to the weight of existing Fed taper fears which, thanks to jobs data and political progress have helped usher the index lower ahead of the FOMC’s last meeting of the year and Chairman Bernanke’s last press conference.
Nonetheless, the sharp overnight rebound from just below 6400 and from so close to the long–term (4.5yr) trendline of rising lows means we may be closer – after a correction of 6.2% and 6-weeks – to the bottom and thus a reversal. Could it coincide with another taper delay and thinner pre-holiday volumes to help deliver the Santa Rally that markets have been yearning for?
Daily momentum indicator rebounded off recent and long-term rising lows. Some positives as the new week begins but, as has been the case for weeks now, note multiple hurdles from prior week via old highs/lows and old falling trendlines of both support and resistance which have yet to be overcome.
Watch levels: support 6395 and resistance 6455
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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