Despite the first pop above the 55-DMA ($1248.0) since mid-August last week bulls remained concerned about the lack of topside follow through with the result being dips back towards the 21-DMA. Bulls need a close above $1258.5 to confirm a break of the 55-DMA and target $1274.4-1298.2. Bears now need a close below the 21-DMA to shift focus back to the $1180.2-1182.4 region.
RES 4: $1266.1 – Falling daily trend line
RES 3: $1258.5 – High Sept 9
RES 2: $1256.0 – Weekly Bollinger band top
RES 1: $1239.8 – Alternating hourly support/resistance
LPRICE: $1230.7
SUP 1: $1225.6 – 21-DMA
SUP 2: $1202.9 – Low Oct 7
SUP 3: $1182.4 – Monthly Low Dec 31 2013
SUP 4: $1180.2 – 2013 Low June 28 2013