DA 100 day moving average has actually risen to 12350/360 so holding below here keeps bears in control. We have called this market lower since the negative candle on the 20th June but losses could start to accelerate now. Be ready to sell a break below 12300 if not already short to target Fibonacci support at 12270/260. This should be the best support of the week as we start to hit oversold levels but I still think longs are risky. If you try, be ready to stop out of longs and reverse in to a short on a break below 12210 with a gap to fill at 12120/110.
Bears are in control so gains are likely to be limited. First resistance at 12390/400 but look for a selling opportunity on the approach to 12480/490 as we are expected to hold below rising 5 month trend line resistance at 12515. Bulls are only back in control on a break above 12550.