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Major Support & Resistance (pivot points – explained):
Pivot Point: 6498; Support 1, 2 & 3: 6479, 6462, 6443; Resistance 1, 2 & 3: 6515, 6535, 6551
Having hung around 6500 yesterday the index is sideways but showing interest in testing the falling highs from 8 Dec and trying to regain Monday’s best levels. Progress nonetheless hindered by a combination of short-term falling highs, recently breached 6-month rising lows and traders’ reluctance to commit to any direction before the Fed policy update this evening.
The optimist in me notes a ‘rough’ narrowing pattern of falling highs and rising lows which ‘could’ represent a continuation pattern of this week’s bounce and break to the upside. Interestingly, a projection of the move into the pattern would imply upside as far as 6600 taking it beyond the bugbear falling highs from end-October.
Could another Fed taper no-show be what revives the tardy Santa rally, delivering the breakout and reversal the markets having been hoping for and revive the multi-year uptrend? Or might markets be ready for the beginning of the end of QE3 and prefer for the Fed to just get on with the inevitable, considering it an economic-positive rather than a policy-negative? Food for thought.
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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