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Major Support & Resistance (pivot points – explained):
Pivot: 6568; Support: 6533, 6508, 6474; Resistance: 6592, 6626, 6652
Support overnight at yesterday’s lows means 3-month uptrend still alive. While Fed members keep us guessing as to the future of US monetary policy, could the weakness after the taper no-show have run its course?
That’s not to say that there are catalysts abound for a big old rally – if anything there are plenty of headwinds – but the technicals suggest the price activity of the last few days amounts to a correction within a longer-term uptrend. And more easy money for longer tends to be healthy for risk appetite.
As we speak, the test of falling highs at 6570 (it is also the pivot point) bodes well in terms of market desire to respect rising support and resume an upward march. Long-term uptrend still intact, with support around 6550.
Watch levels for today are 6570 for a breakout, 6550 for support and 6605 for resistance.
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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