Prepared by Jamie Saettele, CMT
Downside levels of interest are the August 2010 low at 12590 and the 100% extension of the decline from the 2011 high at 12455. Watch for support from the line that connects the May 2011 and October 2011 lows as well. 5 waves down from 13076 may be complete which increases the risk of a bounce. Expect resistance at 12845 with an extended bounce running into offers at 12880-12900. Strength into these levels would present a short opportunity against 13076. Read more technical research for trading ideas.
Bottom Line – sell rallies into 12845-12900, stop 13080, target 12450