(H2) Bears Clearly In Control

• RES 4: 112.042 50-day EMA
• RES 3: 111.948 20-day EMA
• RES 2: 111.870 High Feb 3
• RES 1: 111.615 Intraday high
• PRICE: 111.550 @ 05:17 GMT Feb 4
• SUP 1: 111.540 Low Jan 3
• SUP 2: 111.480 23.6% retrace of the 2011 - 2020 major upleg (cont)
• SUP 3: 111.460 Low Dec 16, 2015 (cont)
• SUP 4: 111.415 Low Dec 8, 2015 (cont)

Schatz futures sold off sharply yesterday as the downtrend accelerates and bears remain firmly in control. Monday’s sell-off resulted in a break of support at 111.890, the Jan 19 low and bear trigger. The break lower confirms a resumption of the underlying downtrend. This opens 111.480 next, 23.6% retracement of the 2011 - 2020 major upleg (cont). Yesterday’s high of 111.870 marks initial resistance.