Failures ahead of the key 3199.2 resistance and subsequent pressure on key DMAs has resulted in a sharp move lower and close below the 3080.5 previous support that confirms the bearish bias and overall focus on 2014 lows. Layers of resistance have developed with bulls now needing a close above 3110.1 to ease bearish pressure and above 3199.2 to target 3278.6-3302.9. Key concern for bears comes from the Bollinger band base.
RES 4: 3199.2 High Dec 10
RES 3: 3177.0 High Jan 2
RES 2: 3110.1 Hourly resistance Jan 5
RES 1: 3080.5 Low Dec 18 now resistance
PREVIOUS CLOSE: 3023.0
SUP 1: 2993.5 Bollinger band base
SUP 2: 2921.7 Monthly Low Dec 16
SUP 3: 2906.0 Low Oct 21
SUP 4: 2789.6 2014 Low Oct 16
