Bears may be a little concerned about the lack of downside follow through combined with daily studies approaching O/S levels but the price action is not unusual given the proximity of the lower Bolli. Bulls now need a close above 3105.4 to ease bearish pressure and above the 200-DMA to shift focus to the 3218.3-3239.8 region. While the 200-DMA caps immediate focus remains on the 2944.1-2971.5 region where the 2014 lows are located.
RES 4: 3129.5 200-DMA
RES 3: 3105.4 Hourly resistance Aug 1
RES 2: 3095.1 High Aug 5
RES 1: 3062.2 High Aug 6
PREVIOUS CLOSE: 3050.2
SUP 1: 3018.3 Low Aug 46
SUP 2: 3001.7 Low Mar 17
SUP 3: 2971.5 Monthly Low Mar 14
SUP 4: 2944.1 2014 Low Feb 4