Recent sideways trading resulted in a triangle forming on the dailies with Thursday’s sharp move lower confirming a break to the downside, a break of the long term channel base off Sept2013/Oct2013/Mar lows and a close below the 200-DMA, all of which add weight to the bearish case. Layers of resistance remain 3128.9-3239.8 with bulls needing a close above 3163.7 to ease bearish pressure and above 3239.8 to target 2014 highs
RES 4: 3213.7 Falling daily channel base June/July highs
RES 3: 3193.5 100-DMA
RES 2: 3163.7 Previous daily low now resistance
RES 1: 3128.9 200-DMA
PREVIOUS CLOSE: 3115.4
SUP 1: 3106.7 61.8% Fibonacci 2971.5-3325.5
SUP 2: 3105.7 Bollinger band base
SUP 3: 3083.4 Monthly low Apr 14
SUP 4: 3075.8 Falling daily channel base June/July highs