Resistance 12500 Dow / SP500 1300 IF they become support, then markets are positive, if supports are broken Dow 12272 / SP500 1272 then negative. Dow target 12,772 SG2 if support is found on 12,500 Dow Jones CFD 12,451 Technical Analysis US Holiday Monday TradingLevels: The 12,300 and 12,272 are the supports and they are still is play, at this stage the sharp move down is part of a corrective pattern, a move through support 12,272 then we will start to gather evidence of the larger move down and a top being in play, it was our thoughts to have the high in place last week and that may be the case, but wave structure and pricing evidence is still required, the catalyst for pulling the price down has been the European rating cuts, however it’s the Oil being under 100 that is the weight and we are seeing divergence in that. Elliott waveThe intraday pattern from the 10th to now appears to be an ABC corrective pattern, until proven otherwise expect a move higher through 12500 Trading Strategies : Intraday wait for a retest to check support into 12400 SG1
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