The bears had the better of things yesterday as we sold off from 1134.50 to 1117.50 in European trade. When the day session kicked into life we caught a bid for a while, trading up to 1132.25 before a Shooting Star on many of the shorter term charts (15, 30 and 60 minute) put the kybosh on the bulls fun and gave us a reversal that saw us back 1117.

1117 was a bold support, and is at S2 today as we continue to hold above here. I have now made it my “trend change” level and the level that signals a down-leg in the making.

There are other bold supports to see off if/when 1117 is breached though. 1113.50 is the widely watched (but much maligned by me) 200 day moving average. 1103.50 is the 38.2% Fibonacci retracement of the September rally.

R7        1150.50
R6        1147.50
R5        1144
R4        1140.25
R3        1134.50
R2        1132.25
R1        1126.75

S1        1121
S2        1117
S3        1113.50
S4        1109
S5        1103.50
S6        1098.25
S7       1086.25

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