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 would suggest that the buyers remain in control, and a bullish daily MACD crossover would bolster that view.
Monday saw the index surge back towards 33,000, after a drop on Friday to fresh seven-month lows. Having moved back above the early October low, the index now looks in more short-term bullish form. The 200-day SMA and the 34,000 highs from early October now come into view. Once more the price has begun to rally from the 30,500 area, in a similar move to that seen at the beginning of the month. In the short-term a rebound targets trendline resistance from the September high, and then the October highs around 32,500. Beyond this, gentler trendline resistance from the June highs comes into view.