Continued hesitation around the $1237.7-1240.6 region has seen the correction lower begin with immediate focus shifting to layers of support $1179.5-1190.8. Bears look for a close below $1179.5 to shift overall focus to the 2014 low. The close below the 21 & 55-DMAs adds weight to the bearish case with bulls now needing a close above $1208.9 to ease the bearish pressure and above $1224.3 to shift focus back to the $1237.7-1240.6 region.
RES 4: $1240.6 – Low Oct 22 now resistance
RES 3: $1237.7 – 50% Fibonacci 1345.3-1130.0
RES 2: $1224.3 – High Dec 15
RES 1: $1208.9 – Alternating daily support/resistance
LPRICE: $1197.8
SUP 1: $1190.8 – 50.0% Fibonacci $1142.9-1138.6
SUP 2: $1186.2 – Low Dec 5
SUP 3: $1179.5 – 61.8% Fibonacci $1142.9-1138.6
SUP 4: $1166.9 – Bollinger band base
