Prepared by Jamie Saettele, CMT
“9930 remains the key bigger picture trend level. The sharp reversal in front of that level and the choppy (not impulsive) character of the advance from 9632 suggests that we consider at least a deep retracement of the recent rally if not a resumption of the larger downtrend.” The decline from 9884 is impulsive, suggesting that a test of 9632 is in the cards although 9717/28 is a level to consider as near term support. The rally from 9735 has already failed at the 38.2% retracement of the decline from 9883 but strength into the 61.8% at 9827 would present a higher reward/risk opportunity against 9883.
LEVELS: 9632 9675 9734 9800 9827 9875