At the previous high ($7,402) the indicator crossed to show the bears taking control of the near-term trend. The market stalled on a lack of buying interest at this level. At the same time, the ( ) was trying to break out of a red zone I follow. With the hold at the top of the red zone level on the indicator, this solidified the latest rally attempt as a correction in an overall market.
There was no crossover of the directional index lines plotted along with the . The market stalled into selling interest at an early Fibonacci . The has maintained a level inside the red zone. These three indications working together paints a picture for a move back to previous lows.
Critical Resistance: $6,911.06
Key Resistance: $6,607.44
Key Support: $6,419.61
Critical Support: $6,116.00
Any questions let me know. I would also love to hear your thoughts.