Following yesterday’s sharp decline, the index and the Parabolic SAR indicator were both within 100 points of each other, at 3820 and 3915, respectively. Prior to the start of this week, I predicted that the index would oscillate between 3900 and 4000, giving the Parabolic SAR time to catch up. We’ll have to wait and see what today brings. The index has maintained its position above the uptrend trendline that runs from the low of 3/23/2020 of 2191 to the low of 10/30/2020 of 3233. Is the current high of 3983 a turning point?
Here’s the daily chart with the trendline.
Here’s the weekly chart.
