The index continues to retreat from the six-month high it hit last week, shedding ground rapidly in the direction of the 50-day SMA. The bullish view might still hold sway should the index be able to create a low above the 100-day SMA, though for the moment short-term momentum is firmly to the downside.
A rebound above 34,000 might yet see the bullish view revived and allow the index to contemplate a fresh attempt to move back towards the 34,500 level.
