This is a critical time now over the next couple of sessions, and today should be a clear indicator of things to come.
The last post yesterday was attempting to sift through the glaring weaknesses for strength, primarily the absence of follow through buying at higher levels and the resultant declining a/d line.
The bits and pieces gathered in support of strength are no less glaring though:
There is clear evidence of speculative players pushing the action higher every session with the big guys holding back.
Yet the big guys are also holding back the slide from breaching critical levels, as I see it from my data.
3222 and 3237 have both been mentioned here a few times very recently as critical safeguards, a breach of which would leave 3192 (remember turning point) vulnerable with 3177 exposed.
Yesterday the low was 3221.95, as good as 3222, and the close of course edged past 3237.
So back and struggling now, a move to retake 3261/63 in the near term would bring the action back to comfort levels.
Another thing for the near term: Since there has been talk of a h&s coming on, the area around 3190-3200 (see 3192 turning again) becomes the reactive right shoulder possibility, calling attention to the critical nature of this level.
In the end, these are all seesaws of the markets and something would yield sooner than later.
To the long, the line to hold firm is at 3242-3244-3249-3252-3255-3258-3261. Nothing less would do, with some fleeting supports at the red marks.
Supports are 3238-3235-3232-3229-3226-3223-3220-3216-3212-3208-3204. There could well be more.