Possible bear Tuesday with 8182 8208 resistance | 8120 8096 support

A brief foray yesterday below the 8150 key level saw 8140 set up a modest bounce that has continued overnight. However, with the bulls lacklustre performance yesterday the FTSE100 has gone bearish on the 2h chart with the 8180 area as resistance to start with today. 

We also have a red 30m coral to start with at 8162. As such we could get an initial dip the morning down to test the 8110-20 area where we have S1 and the 30m 200ema.

The bulls will of course be keen to defend any test of the 8100 level so should we see a test of this area then a bounce would fit well. They will need to break above the 8180 area though today if we are to test the 8200 level. The Raff channels continue to head up though and bode well for some more upside over the next few weeks. 

If we follow the ASX200 today then it will be a bullish day, after a spike down to the support. 

The S&P500 defended the spike down to 5090 yesterday and may well try and push on again today to test the top of the 20d channel at 5160, if they can break above the 5120 level which is initial resistance. We have consumer confidence out at 15:00 with the forecast a slight drop to 104.

The bears on the other hand will be trying for a bear Tuesday. Gold dropping off yesterday suggests that we may well see some index strength kick in, and I am still looking for a test of the 8205 level before too long. Feels like buy the dip today will be a decent play, with some shorts off the key resistance levels.  

We also continue earnings this week which will add to the volatility. 

Above the 8180 level then 8205 as mentioned, with 8219 R2 next up. Support wise, below the 8100 level (and S2 is at 8096 today) then 8059 is S3 and a likely target. Not convinced that it will be as weak as that today though and more inclined to go with a 8180 to 8110 range, at least to start with. 

Good luck today.