We finally reached a Major (minor/major) resistance level (1230.75); the first such occurrence since the first low at 1070.75 on 8/9; it took nearly 2 and half months. Never the less this pullback/correction is profoundly important to determine the next step/phase.
I strongly recommend those traders long any equity positions to take half off the table, or more.
1210.75 and 1207.75 are key pivotal support levels, although 1230.75 is a major resistance level and 1210.75 and 1207.75 are minor support levels, therefore highly doubtful we find support at these levels;
the nearest Major support level is at 1165.25 (major/minor)
As I mentioned several times before until we reach 1230ish, all upside movement is sheer speculation, now that we reached it, we should have a clear indication within a few days how high up we reach, before heading down to 975.00
Immediately down to 86.14 and much lower
We’ll see what happens at 85.40
But looks to me more like 83.77 to 83.64
Clearly the wild card
In another 90 minutes we’ll have a clearer picture