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Prepared by Jamie Saettele, CMT
“The sharp reversal just under the 50 day average last week suggests that the break above the 2/6 high is false and that new lows (below 9088) are around the corner.” Fibonacci extensions at 8990 and 8794 are downside levels of interest. The latter level is reinforced by the 200 day average. 9040 and 9080 are resistance and the trend is firmly down against 9150.
Bottom Line – Lower