The indicators on the daily chart reflect a mixed outlook for the index. The Relative Strength Index (RSI) is in positive territory but demonstrates a negative slope, which signifies a loss in buying momentum and a potential shift in market sentiment. However, it remains in the positive region, indicating that the buying force, though weakening, is still in place.
Meanwhile, the flat red bars of the Moving Average Convergence Divergence (MACD) paint a picture of a temporary stall in the trend, pointing to an indecisive market.
In terms of the Simple Moving Averages (SMAs), the index trades below the 20 and 100-day SMAs, suggesting that it has been experiencing some short-term selling pressure. Yet, the fact that it remains above the 200-day SMA indicates that the longer-term uptrend is still intact, revealing that bulls are managing to sustain their stance against bearish forces in the grand scheme of things
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