Now that the /es has erased all trade since the start of Q2 on a closing basis, We can finally look to key levels of potential support beneath.
The first is the September 2014 highs of 2011 (Sept 3rd) and 2014.50 (Sept. 19th)
Beneath that we have a technically much more significant level of 1974.50. That encapsulates trade around: July 2014 highs, Dec. 2014 lows, January 2015 low, February 2015 low.
From a retracement standpoint:
2011.38 would be a 38.2% retrace, while 1973.50 would be a 50% retracement of the up move off the Oct 2014 low to the May 2015 high (1810-2134).
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