Near Term Trend: Negative
Friday’s Settlement: 2733 (- 295)
UPDATE: For the last seventeen weeks 3010 (our proprietary black resistance neck- line) has acted as the key upside pivot, and price action remained under that point (on a close basis) for this entire period. 3010 remained the pivot between a bullish and bearish market, and worked like magic, providing resistance to the tick.
Two weeks ago we highlighted, “The market once again failed at that region, and is now suffering”.
Hence, this Friday was the icing on the cake for the Bears.