The recovery from ahead of the $1180.2-1182.4 region resulted in the first pop above the 55-DMA ($1253.5) Tuesday since mid-August although the lack of follow through and failure ahead of the key $1258.5 resistance are issues for bulls. Bulls need a close above $1258.5 to confirm a break of the 55-DMA and target $1274.4-1298.2. The pullback Wednesday now sees immediate focus shift to the $1231.5 support.
RES 4: $1277.7 – High Sept 4
RES 3: $1268.5 – Falling daily trend line
RES 2: $1258.5 – High Sept 9
RES 1: $1255.0 – Weekly Bollinger band top
LPRICE: $1243.7
SUP 1: $1239.8 – Hourly support Oct 23
SUP 2: $1231.5 – Low Oct 17
SUP 3: $1225.3 – 21-DMA
SUP 4: $1202.9 – Low Oct 7