Despite rebound from Monday’s low of 2124.4 the subsequent failure at the rising trend line
on Tuesday suggests short-term bearish
view remains intact and a move today below 2138 (weekly pivot
) could yield a break below 2134 (5-DMA) and a revisit to strong support zone
On a slightly larger of scheme of things, a day end close below 2110 would open doors for a much deeper correction to 2000 levels.
On the higher side, only a daily close back above rising trend line
would cheer up the bulls.