Bears take a great deal of comfort in Tuesday’s continuation lower with the close below the 61.8% Fibo support reconfirming bearish pressure and shifting immediate focus to the Aug monthly low. Bulls now need to see a close above 3128.9 to ease bearish pressure and above 3169.9 to hint at a bigger bounce. Key concerns for bears come from O/S studies and the Bollinger band base.
RES 4: 3195.9 100-DMA
RES 3: 3169.9 High Oct 6
RES 2: 3128.9 High Oct 7
RES 1: 3106.4 Previous daily support now resistance
PREVIOUS CLOSE: 3082.0
SUP 1: 3065.2 Low Aug 20
SUP 2: 3056.6 Low Aug 18
SUP 3: 3028.6 Low Aug 15
SUP 4: 3017.6 Low Aug 12