Thursday’s close below the 200-DMA resulted in further sharp losses and fresh 5 month lows on Friday with focus now shifting to the 2944.1-3001.7 region where Feb and Mar monthly lows are located. The only negative for bears is the close well below the Bollinger band base (3095.4) which may result in some consolidation today while the Bolli catches up. Bulls now need a close above the 200-DMA to ease bearish pressure
RES 4: 3194.2 100-DMA
RES 3: 3163.7 Previous daily low now resistance
RES 2: 3129.1 200-DMA
RES 1: 3105.4 Hourly resistance Aug 1
PREVIOUS CLOSE: 3072.4
SUP 1: 3064.6 Low Aug 1
SUP 2: 3035.3 Rising daily trend line Sept 13/Dec 13/Feb14
SUP 3: 3001.7 Low Mar 17
SUP 4: 2971.5 Monthly Low Mar 14