The move lower continued Thursday with the close below the 200-DMA ($1285.1) the first since the sharp break above in late June. The close below adds weight to the bearish case with focus now having shifted to the $1240.5 June monthly low. Initial resistance is now noted on the hourlies at $1289.3 but bulls need to see a close above $1303.7 to ease the bearish pressure and above $1312.3 to shift overall focus back to July monthly highs.
RES 4: $1318.1 – High July 21
RES 3: $1312.3 – High July 23
RES 2: $1303.7 – High July 30
RES 1: $1289.3 – Hourly resistance July 31
LPRICE: $1283.4
SUP 1: $1280.5 – 61.8% Fibonacci 1240.5-1345.3
SUP 2: $1259.9 – Low June 17
SUP 3: $1240.5 – Monthly Low June 3
SUP 4: $1231.6 – Low Jan 23