There ain’t none.
Anything close is down below and we don’t seem like we’ll be heading that way anytime soon.
But it is there so here it is.
Obviously the 100 level will be just as big a level on the way down as it was on the way up. I would suspect that we’ll have the same sort of orders and options coming in plus break selling.
I’ll start with the downside first. 100 aside we’ve got the 100 & 55 H4ma coming in between 98.65/75 and then the lower trend at 98.45. The previous resistance at the 50 fib 99.84, will likely now be support as well as the 99.50 level.
To the upside we have resistance at 102-102.10 an=d early reported options at 102.35. No doubt as we progress we’ll be hearing about 102 options.
We’ve really got to do some zooming out to see anything up top as it is pretty much open sky.
We’re hanging around the 101.50 level and with options in play the market may be happy to take a breather here and let the option traders have their 14.00 gmt NY cut fun.
From here the next big level is the 61.8 fib level at 105.57 then the 200 mma at 107.78, then the August 2008 high at 110.78. It may look a long way away but then so does 77.00 now and we’re not pointing in that direction.
So 101 may bring out the first of the dip buyers but the eyes will be on the 100 figure if we start dropping. If we break it in the not too distant future then we could see some acceleration underneath