Last week’s rally stalled ahead of the 200-DMA Thursday before dipping to test the 21-DMA on Friday. Bulls need a close above the 200-DMA to end bearish hopes and shift immediate focus to layers of resistance 3151.5-3184.8 including 55 & 100-DMAs with a close above then targeting 2014 highs. Bears now need a close below the channel base to ease pressure on the 200-DMA and target 2014 lows.
RES 4: 3163.6 Low July 30 now resistance
RES 3: 3152.2 Falling daily trend line
RES 2: 3151.5 50.0% Fibonacci 3325.5-2977.5
RES 1: 3129.9 200-DMA
PREVIOUS CLOSE: 3098.3
SUP 1: 3085.6 21-DMA
SUP 2: 3079.7 Rising short term daily channel base
SUP 3: 3065.2 Low Aug 20
SUP 4: 3056.6 Low Aug 18