From last month:
Basically, what I think I'm trying to say is caution...there's enough happened to allow me to put a question mark on the bullet point above and if we'd had two consecutive closes below the Long MA which we seriously tested this past week, then I'd have gone blue on the bullet point and into mildly bearish.
That mood has continued this month as after some wild moves both up and down and in the end we finished Friday down just 4! The consecutive closes below the Medium MA (currently 368 /) mandates a move to a neutral market (bullet point changed to neutral) and is further supported by the action on the Monthly Chart where we've had a new high but both June and July are basically Indecisive Spinning Tops/Doji Cross Patterns.
It does have the feel about of recent action coming to an end...the end of the bullish phase and that perhaps we have a Bearish Triple Top on the Daily Chart above with a possible target around 321 and conveniently market by an 'X'. If this becomes the case then not only has the market to overcome the Long MA but also the end of the recent support band at 353 % and the key recent 50% Fib at 347 %. We'll see if it happens...there is a lot of support in between. Topside, the resistance is obviously at 394 / and the Medium MA but also at 375 /...nearby 50% Fib. Looks like we may shortly see (hopefully) the start of an interesting move.
Support is currently at 364 /, 362 % (dynamic), 361 /, 358 %, 356 /, 353 %, 347 %, 345 /, 344 /, 336 %, 331, 325, and 321.
Resistance is currently at 368 /, 370 - 371, 375 /, 380, 383, 386 /, 391 % - 394 / .
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