Pivot: 1279.50 Our preference: long positions above 1279.50 with targets at 1296.00 & 1302.00 in extension. Alternative scenario: below 1279.50 look for further downside with 1271.60 & 1267.00 as targets. Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited. Supports and resistances: 1306.00 1302.00 1296.00 1289.50 Last 1279.50 1271.60 1267.00