The market closed with the bears keen, showing some commitment and having moderate control.
The previous resistance area, marked in dark yellow, which has acted as support was tested once again yesterday. This level will be very important to the market over the next few days. Should it be broken, the support area, marked in light blue, around 1400, will come into play.
Triple MAs are NEUTRAL.
MACD histogram remains ST bearish.
ST volatility has found support. We should continue to see volatility pick up following this cyclical bottom. That means, we should see ST trending action. This makes the current support level very important. If it is taken out to the down side, we should see 1400 tested. If the support holds, the market will retest the resistance area marked in orange.
Volume continues to come off as the market consolidates - still nothing unusual.
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