Initial resistance still begins near the $1720 - $1725 level. Above that, selling will show up near $1740.
The market remains rangebound with a bit of a near term friendly bias.
It remains below the 50 day moving average which comes in at $1737. That corresponds closely with the resistance level I noted above. To see the longer term bullish trend reassert itself, the market will need to convincingly close through this level.
Downside support still is holding firm near the $1700 level as bargain buying out of Asia is very solid here.
Can you see the significance of this $1800 level and why the bulls were unable to take it through there on this go around? Clearing $1800 and holding it, is the KEY TO THE RESUMPTION OF THE BULLISH TREND.
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