The sell-off continued Tuesday with a sharp move lower dipping below the 100-WMA to fresh 2 month lows before bouncing aggressively for a relatively bullish close. Bulls take some comfort in the bounce when combined with O/S daily studies but need to see a close above 3057.2 to confirm an easing of bearish pressure and above the 55-DMA to shift focus to the 3126.4-3199.2 region. While 3057.2 caps immediate focus remains on 2014 lows (2789.6).
RES 4: 3176.9 Hourly resistance Dec 12
RES 3: 3130.2 Hourly resistance Dec 12
RES 2: 3094.8 55-DMA
RES 1: 3057.2 Hourly support Dec 15 now resistance
PREVIOUS CLOSE: 3050.1
SUP 1: 3018.6 Hourly support Dec 16
SUP 2: 2975.0 100-WMA
SUP 3: 2921.7 Low Dec 17
SUP 4: 2914.3 Weekly Bollinger band base
