Although the index has regained it's long term, 200-day
moving average, the short term technical setup reflects a price that risks a loss of momentum. Peaking on 8 June at 12913, the price has since declined by 824 points to 12089. Friday's close was negative, with a break of the recent upward trend that connects to the most recent swing low of 14 May at 10160. Further adding to the short term moderately bearish
signal, the price has made a 'hard break' of the 8-day EMA
for two out of the last three trading sessions while the 8-EMA is trading with a neutral bias. The Relative Strength Index
) currently prints a 52 reading (just above the 50-point bull/bear threshold) while the MACD
is in a sideways to downward trend. The daily R2 pivot
is acting as a resistance level
while supports comes in at 11818 and 11595. Be sure to monitor the price breaking the 21-EMA which sits just 12 points below the last close.