Technically, today’s dip briefly undercut last week’s low at 97.869 before stalling ahead of Fibonacci support at 97.814. Holding above that level keeps short-term bulls in the game. Immediate resistance sits at 98.307; a break there would open the door toward 98.591 and the recent top at 98.749.
Failure below 97.814 would be more concerning, exposing the pair of main bottoms at 97.462 and 97.199, ahead of the September low at 96.218. Overhead, the major ceiling remains the 50-day and 200-day moving averages, both at 99.163.
Technicals Say Patience, Not Panic
From a chart perspective, the index is sitting in a decision zone. Buyers defended 97.814 on the first test, suggesting dip-buying interest remains, but the rebound stalled well before 98.307, showing upside momentum is still lacking. As long as price stays trapped between those two levels, traders are likely to fade moves rather than chase them.
A sustained push through 98.307 would signal improving short-term structure and shift focus toward 98.591 and 98.749, where sellers previously capped rallies. On the flip side, a clean break below 97.814 would weaken the near-term setup and likely accelerate downside toward 97.462 and 97.199 as stops get triggered. Until one side gives way, the technical picture argues for range trade conditions in thin holiday markets.
More Information in our Economic Calendar.
