The 52 week(yearly) simple moving average has been underpinning the index for the whole bullish wave since early 2016. I will be watching the weekly closing as if we break it it could confirm a change in the slope of the supply demand equation. An immediate target would be 2550 next major support area.
Interesting analysis, thanks
That's what I see hapenning on a bigger scale:
TheWave
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Technician, are you bearish or bullish for this week? Last week of the month. How low can this monthly candle close at? Retrace into the end of the month before Trump and Xi meet or further bloodbath?
Technician
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@TheWave, I see further downside towards 2550 major support, but it should hold for now. For regular updates join my telegram channel.
BABAUH
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Sorry, didn't get that clearly.Is the trend still bullish or is it turning ?
Technician
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@BABAUH, There is no clear answer for your question. For me, the medium term trend could be reversing. So short term upside pullbacks should be shorted on confirmation. But it is too early to suggest a long term reversal.
BABAUH
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@Technician, Why is it that more than 50% of stocks move in one direction at a time ?