Daily
Chart Prepared by Jamie Saettele, CMT
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-“The index surpassed 11900 and nearly reached 12050. Today’s (6/2) sharp reversal could be part of a broader topping process.”
-“The market has voted in favor of a breakdown. There is support down to about 11700 but weakness below there would open up the floodgates towards 11515/50.” 11700 ended up holding and a breakdown is at least on hold as the index has exceeded the line that we were treating as the pivot. The 50% retracement of the June rage at 11888 is joined by the Feb high, March low, and early May high as an area that could influence for resistance.
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