Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“The 50% retracement of the advance from the Sep 2012 low proved strong support indeed and the market has blasted through resistance from former lows and the line that extends off of the Sep and 10/16 highs.”
-The advance is impulsive and a higher low is in place at 10492. Price has held the top of the 10540-10590 support zone. If 10492 fails to hold, then a deeper pullback is probably underway towards 10437. Watch the topside of the broken trendline (in blue) for support this week.
LEVELS: 10492 10539 10560 | 10624 10646 10696
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail email@example.com. Follow me on Twitter for real time updates @JamieSaettele