At the top of last week I highlighted the theme, which was 'be selective', mentioning that traders should take caution following the strong move over the prior two week. The channel resistance and 61.8% FIB retracement was highlighted as resistance zones and we have since seen the index unwind from a 'near overbought' rating to a neutral rating. The next level of potential support is around the prior breakout zone or just above that at the rising 21-day EMA however we could also overshoot these zone to the downside. We are seeing the index coming under pressure in line with other global markets as bond yields rise, specifically in the U.S where the US10Y is above the psychological 3% level. For now, the theme remains 'be selective'.