Index still in breakout mode, technically positive on most time frames.
There is a general view -which I share- that a consolidation is long overdue.
"Time consolidation" for now: Index flat while it works away its overbought condition.
Valuation currently 50% > historical average...
MANY POSITIVE INDICATIONS
Still technically above the apex of the most recent high triangle, from which it broke out.
Closed just above high resistance line (in red on the graph).
Long and medium time frames still showing positive indicators.
SOME CAUTION SIGNALS
Some signs of weakness on the ( negative).
Some signs that the index is still in over-extended territory.
Negative performance on positive (Financials).
Closed yesterday right at the 20MA.
Watch a breakout of the recent high at 282.10 for a resumption of up-trend.
Watch the following levels down: 2265 / 2260 / 2222 / 2193.81.
Watch a break of the MAs to the downside.