The index has recovered from the lows seen last week, after nearing the 200-day SMA. For the moment, the pullback from the October highs is still in place and leaves the bearish view intact for the short-term. A close above 14,400 (Monday’s highs) would suggest that the buyers remain in control, and a bullish daily MACD crossover would bolster that view.
This would then see the price target 14,800 initially. A reversal below 14,150 would indicate that the sellers are back in charge.
