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Major Support & Resistance (pivot points – explained):
Pivot Point: 6607; Support 1, 2 & 3: 6549, 6522, 6468, ; Resistance 1, 2 & 3: 6637, 6692, 6722
A couple of days off and the correction we have been monitoring accelerates from the quiet Thanksgiving week – so good data is bad once again. The break below 6600 has seen a falling channel re-emerge and the momentum indicator on the daily chart has also dropped to near 2-month lows.
Downside is very possible to the pivotal 6500 level which would equate to the momentum indicator hitting the Aug/Sept/Oct lows. Upside would likely be limited by the multiple breached support/lows 6580-6640 as well as the now 6-week falling highs at 6650.
Not the best of starts to December, after much talk of the index’s good statistics for putting in a positive performance over the festive period. Maybe 2013 will add to the small tally of negatives (2 out of last 21; 1994 and 2005). Or maybe we will see a strong turnaround and late Santa rally thanks to the long-term rising support (since 2009) around 6450 and bargain hunters stepping in around 6500, near 2-monthg 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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