Hesitation ahead of the 100-DMA came to an end Tuesday with the close below, the first since early Jan, confirming overall bearish focus on the $1130.0-1167.0 region. Bulls now need a close above Monday’s $1236.9 high to hint at a bounce, whereas a close above the 21-DMA ($1253.7) is needed to end bearish hopes and shift immediate focus back to the $1307.9 2015 high. Key concerns for bears come from O/S studies and the Bollinger band base.
RES 4: $1251.6 – Low Jan 29 now resistance
RES 3: $1246.0 – High Feb 10
RES 2: $1236.9 – High Feb 16
RES 1: $1218.8 – Hourly support Feb 17 now resistance
PRICE: $1215.1
SUP 1: $1197.7 – Low Jan Feb 18
SUP 2: $1194.8 – Bollinger band base
SUP 3: $1167.0 – Low Jan 2
SUP 4: $1146.7 – Monthly Low Dec 1
