Wide Range Market – breakout on the edge
On the short term view ; the market is ranging widely between major levels of 1170s and 1220s ; the breakout of on of these levels would push further the market on the direction of that breakout which would be the new mid-term trend .
On the longer-term view : The view has become stabilized after a drop was expected further ; the market would range between 1250 and 1150; the penetration of one of this level would determine the new longer term( which is downside move is the most probable scenario ) direction and continuously we would update the view as the factors are changing .
Daily Trend: Down
Weekly Trend: Range