Tuesday’s break of 3428.9 resulted in a dip that bounced aggressively from the 21-DMA for a relatively bullish close. Initial support is noted on the hourlies at 3411.8 but bears need a close below the 21-DMA to confirm an easing of bullish pressure and below 3321.6 to end bullish hopes and hint at a deeper correction. While the 21-DMA supports initial focus remains on the rising daily trend line extension around 3479.1
RES 4: 3564.9 Rising weekly trend line extension
RES 3: 3479.1 Rising daily trend line extension
RES 2: 3478.6 Bollinger band top
RES 1: 3462.3 2015 High Feb 13
PREVIOUS CLOSE: 3438.3
SUP 1: 3411.8 Hourly support Feb 17
SUP 2: 3378.0 21-DMA
SUP 3: 3321.6 Low Feb 9
SUP 4: 3261.8 Low Jan 22
