(Z18) Bearish Reversal *RES 3:........>

SCHATZ TECHS: (Z18) Bearish Reversal 

*RES 3: 111.970 High Sep 3 

*RES 2: 111.915 55-dma 

*RES 1: 111.895 High Sep 6 

*RES 1: 111.855 High Sep 13 

*PREVIOUS CLOSE: 111.775 

*SUP 1: 111.720 Low May 15

*SUP 2: 111.700 Support

*SUP 3: 111.675 Low Apr 24 

*SUP 4: 111.650 Low Mar 13 

The medium-term outlook has taken bearish turn following the Dec-18 Schatz

futures' break below the Aug 1 low, which now opens up the May 15 lows at

111.720. A large scale topping pattern appears to hav been triggered, suggesting

further losses ahead. Bulls need to recover the Sep 13 high of 111.855 to take

the pressure off, but a close back above the 55-dma at 111.915 would be needed

to materially improve the outlook.