Near Term Trend: Neutral to Negative
Friday’s Close: 3019 (- 17)
UPDATE: For months we have stated, “Overall key resistance at our line (3115) should cap any further advances”.
Three weeks ago, the Index approached that region, directly under our resistance line, and then proceeded to sell off 165 points (see chart).
Last week’s price action was constructive, but still a long way to go to trade above key resistance.
Note: Near term support stands at 2875.