The sharp sell-off last week that culminated in break of the key $1180.2-1182.4 resistance region Friday further confirms bearish dominance and sees focus shift to the $1045.5 2010 low. Bulls now need a close above initial resistance at $1196.2 to ease bearish pressure and above the 21-DMA ($1222.4) to end bearish hopes and shift immediate focus to the 55-DMA. Key concerns for bears are seen coming from O/S daily studies and the Bollinger band bases
RES 4: $1239.8 – Alternating hourly support/resistance
RES 3: $1222.4 – 21-DMA
RES 2: $1207.9 – Hourly resistance Oct 30
RES 1: $1196.2 – Hourly support Oct 31 now resistance
LPRICE: $1168.0
SUP 1: $1157.6 – Monthly Low July 28 2010
SUP 2: $1124.2 – Low Apr 19 2010
SUP 3: $1085.3 – Monthly Low Mar 24 2010
SUP 4: $1045.5 – 2010 Low Feb 5 2010