Time spent flirting with key DMAs and focusing on the falling daily trend line was brief. The sell-off and close below 3080.5 has seen bears regain the upper hand with immediate focus shifting to last week’s 2998.5 low and overall focus back to the 2014 low (2789.6). Topside, overall bulls need a close above 3177.0 to confirm a break of the falling trend line off Dec highs, ending bearish hopes and targeting 3278.6-3302.9.
RES 4: 3199.2 High Dec 10
RES 3: 3177.0 High Jan 2
RES 2: 3150.3 Falling daily trend line
RES 1: 3080.5 Alternating daily support/resistance
PREVIOUS CLOSE: 3042.7
SUP 1: 2998.5 Low Jan 6
SUP 2: 2972.4 Bollinger band base
SUP 3: 2921.7 Monthly Low Dec 16
SUP 4: 2906.0 Low Oct 21
