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Major Support & Resistance (pivot points – explained):
Pivot: 6438; Support: 6410, 6388, 6356; Resistance: 6463, 6495, 6516
That break of 6460 never happened. Tested but not broken. Pressure persists from absence of progress on US budget, keeping the index in the middle of its range for the week. Positive comments on debt ceiling not being an option by Republicans, and budget impasse likely forcing Fed to wait on tapering, failing to boost sentiment. Likely offset by Obama highlighting impact of protracted budget negotiations on growth.
Now looking for a break above 6485 to get us back above the falling intersecting trendline since 6 Sept. A move above 6500 would be even better. Possible sideways into weekend. A re-run of last week? A major US announcement likely needed before break-up or down. Washington, it’s over to you. Sort it out.
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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