We came lower as expected and hit 10740 and most of the afternoon was dull ...ranging between 10740 and 10760... I think the market will have good solid support down here...and sellers will be looking to cover shorts….Buyers would be expected to come into the market at these lower levels as well….The buyers should really hold onto longs unless we break below 107…..10660/50 would then be targeted….
The stochastics and RSI are back at neutral levels and although still pointing lower the market Is clinging onto the 21st March lows...and doesn't at this point look like it wants to go down….Weekly charts are just beginning to point lower.. so if we d get a bounce I would expect it to be short lived and for the market to encounter sellers at higher levels...
Short term resistance is at 10812 and to the pivot point of 10829….so unless we break 10830 the pressure today will be the the downside... Short term charts also point lower...although currently we have a small double base at 10795...This is the short term 78.6 Fib level so we would expect some profit taking from the move lower from 109/10880….but as long as we stay below 10830 we will see a break of this support….
Now if we do break 10830 we know hat resistance is located in the 10860/80 area and we are sellers up here still...and keeping stops then as stated previously above 10940…
Todays Pivot Points are PP 10775 R1 10810 R2 10862 R3 10897 S1 10723 S2 10688 S3 10636
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