Bullish hopes were already on shaky ground following the failure ahead of $1258.5 and the sharp sell-off overnight ends those hopes and sees bears targeting the key $1180.2-1182.4 region. Initial support is noted $1196.9-1202.9 and the Bollinger band base may limit downside follow through. Initial resistance is noted at $1222.5 with bulls needing a close above to ease bearish pressure and above the 55-DMA to hint at higher levels
RES 4: $1258.5 – High Sept 9
RES 3: $1242.7 – 55-DMA
RES 2: $1239.8 – Alternating hourly support/resistance
RES 1: $1221.3 – Hourly support Oct 29 now resistance
LPRICE: $1213.2
SUP 1: $1202.9 – Low Oct 7
SUP 2: $1196.9 – Bollinger band base
SUP 3: $1182.4 – Monthly Low Dec 31 2013
SUP 4: $1180.2 – 2013 Low June 28 2013