Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“The 50% retracement of the advance from the Sep 2012 low proved strong support indeed and the market has blasted through resistance from former lows and the line that extends off of the Sep and 10/16 highs.”
-The advance is impulsive and a higher low is in place at 10492. 10590 is estimated support. A dip into that level would present a long opportunity against 10492. If 10492 fails to hold, then a deeper pullback is probably underway towards 10437.
Trading Strategy: Flat
LEVELS: 10539 10566 10589 | 10646 10700 10733
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail firstname.lastname@example.org. Follow me on Twitter for real time updates @JamieSaettele