Market consolidating at 1st purple s/r. Breaking support could see a move to 1186.59. From there we can see the next lower purple s/r; breaking through this could then see the market drop to 1060.00. The W%R has just lifted over the -80 level, however we can see the recent negative market trend occurred with the W%R bouncing around below the lowest Fib level on the indicator – this will need to be lifted through for a trend change. Look for the post of the Long Term weekly chart.
Andrew J.D. Long, MFTA