THE TECHNICAL SITUATION: BREAKOUT ON Index still in bullish 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 daily chart (MACD negative). Some signs that the index is still in over-extended territory. Negative performance on positive earnings (Financials). Closed yesterday right at the 20MA.
WHERE NEXT? 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.