Bears are taking comfort in the lack of topside follow through following Monday’s aggressive bounce combined with a close back below the 55-DMA ($1203.4). The $1192.3 alternating hourly support/resistance level is now key with bears needing a close below to hint at a move back to the 2014 low with a close below $1185.1 confirming. Bulls now need a close above $1210.7 to reconfirm a bullish bias and target the $1240.5-1258.2 region.
RES 4: $1240.0 – 100-DMA
RES 3: $1222.5 – Low Oct 28 now resistance
RES 2: $1213.6 – High Dec 2
RES 1: $1210.7 – Hourly resistance Dec 2
PRICE: $1200.7
SUP 1: $1192.3 – Hourly support Dec 1
SUP 2: $1185.1 – Hourly resistance Dec 1 now support
SUP 3: $1169.1 – Hourly support Dec 1
SUP 4: $1142.8 – Low Dec 1
