has started today’s trading testing resistance and trading back inside of its trading range. Today’s range begins at the R3 Camarilla pivot point
found at 11,792. If price continues to trade under resistance, this morning’s move could be taken as a retracement against the USDollars primary trend. A continued decline from this point would open the Index to test values of support which include the S3 support pivot
found at 11,748. A further price decline to the S4 pivot
would have larger bearish
implications for the USDollar
, as the index potentially would close this week’s trading printing a fresh lower low.
Alternatively, in the event of a bullish
reversal, breakout traders will focus on the R4 pivot
at 11,813. A move beyond this point would be significant and considered a counter trend move. It should be noted that price has not closed above a daily R4 pivot
in the last 8 trading sessions. In this scenario, trend traders should consider adjusting their trading accordingly going into the weekly close.