The sequence of lower daily lows continued Thursday and combined with O/B daily studies and a relatively bearish close is becoming increasingly concerning for bulls. Bulls need a close back above 3255.3 to prevent further loses with bears looking for a close below the 100-DMA to confirm a break of the channel base and hint at a deeper correction. Overall a close below 3123.6 is needed to confirm a break of the 200-DMA and target 2014 lows
RES 4: 3325.5 2014 High June 19
RES 3: 3302.9 High June 23
RES 2: 3289.8 Monthly high July 3
RES 1: 3255.3 Previous daily support now resistance
PREVIOUS CLOSE: 3237.7
SUP 1: 3191 8 100-DMA
SUP 2: 3161.3 55-DMA
SUP 3: 3140.8 200-DMA
SUP 4: 3123.6 Low Aug 25