Prepared by Jamie Saettele, CMT
I wrote last week that early October action will offer an opening range to trade from (best way to play reversals and extensions in my opinion). Near term focus remains on the mid January pivot at 13245 with weakness below extending towards a Fibonacci extension at 13115 and the January low at 12856. Price is currently testing a short term downward sloping trendline. A daily close below would favor an extended decline scenario. Short term resistance in the event of a bounce is 13415 and 13485.