The sharp correction lower from ahead of Tuesday’s Nov high and dip below the previous support at $1179.2 is a concern for bulls with further topside now in doubt. The $1175.0 support now becomes key with bears needing a close below to end bullish hopes and see focus shift back to 2014 lows. Bulls now look for a close above the 55-DMA to reconfirm bullish pressure and target the $1251.0-1258.5 region where the 100-DMA is located
RES 4: $1211.1 – 55-DMA
RES 3: $1207.9 – Hourly resistance Oct 30
RES 2: $1204.7 – High Nov 18
RES 1: $1191.6 – Alternating hourly support/resistance
LPRICE: $1178.0
SUP 1: $1175.0 – Low Nov 19
SUP 2: $1146.1 – Low Nov 11
SUP 3: $1130.0 – 2014 Low Nov 7
SUP 4: $1124.2 – Low Apr 19 2010