8.15.2012

Today I care 1396.96 and 1411.00

Yesterday bulls broke out the symmetrical triangle top and made a higher high after six days fighting. The pullback seen after the high might be a result of profits taking. Market remains in cautiously bullish.
If bulls can make another push up, the resistance at 1411.00 might work.
In case of a pullback, I would like to pay attention to the 1st support at 1396.96. If bears could go further, next support would be 1394.00 and finally 1388.87 would be a very solid support in case of a hard drop as it is a confluence of a number of Fibonacci levels and trend lines.




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