From the point of view things dont look good at all for this index. Below are some points to consider:
- Price below the 50MA for the first time in a couple of months
- and QSMA pointing down
- Uptrend line broken
- daily PSAR pointing to the bear side
- weekly PSAR flipped to the bear camp, this indicator is very important for the long term momentum.
- daily acceleration has resumed the plunge warning
- Price bounced on the support line
- not overbought
To me if the support line is lost I see a plunge to the 0.618Fib which may hold as support and if it is lost rendez-vous at 200MA aligned with 0.5fib. I am still neutral till the market shows me the direction.
For the moment I leave it hear and I will keep an eye on these indexes for you so that we can prevail in this market.
Stay safe, dont forget to smash the likes.