Immediately, this market has not elected any Bullish Reversals from the last strategic low established 07/10/2023 warning we have not yet reversed the immediate downtrend which began 04/25/2022. The key Bullish Reversal to watch stands at 6140 and an election of this number will start to signal possible shift in trend. From a speculative perspective, basis the Reversal System, we are currently hypothetically in a short positions at this particular moment on the Weekly level. The next Bearish Reversal on this trading level resides at 4150 which we would have to close below to warrant adding another short position. There is gap below the market between 4850 and 4150 which is 16%. This market has been in a Crash Mode, yet it is subsiding, but it is still down year over year about .241%.

WEEKLY NEAR-TERM OVERVIEW

Since the high of 6770 established on the week of April 17th, we have declined into a low at 4810 created on the week of July 10th overall for 12 weeks electing in the process 4 Weekly Bearish Reversals. The low formed at 4810 did penetrate the technical channel at 5130 which still presents some technical overhead resistance.

Consequently, this market has bounced from that low established the week of July 10th for 2 weeks creating a reaction high at 5722 the week of July 24th failing to exceed the previous high. We have not elected any Weekly Bullish Reversals, so we need to focus on 6295 as closing resistance. A closing above this will show some strength. Ultimately, a Weekly Closing above 6810 will signal a move to the upside is likely. The immediate trading range is defined by the nearest reversals above and below. Eventually, a Weekly Closing above 6295 or below 6140 will dictate the next directional move.

Meanwhile, our technical resistance stands at 5797 and it will require a closing above this level to signal a breakout of the upside is unfolding. Nevertheless, our technical support lies at 4935 which the market is now trading beneath illustrating technical weakness.

On the Weekly Level, this market is encountering some resistance overhead and will remain in a bearish posture as long as it stays beneath 5020 intraday trading last at 4876.

WEEKLY LONG-TERM OVERVIEW

On the weekly level, the last important low was established the week of July 10th at 4810, which was down 3 weeks from the high made back during the week of June 19th. We have been generally trading down for the past 2 weeks, which has been a very dramatic move of 15.58% in a stark panic type decline.

Looking at this from a broader perspective, this last rally into the week of July 24th reaching 5722 failed to exceed the previous high of 6296 made back during the week of June 19th. That rally amounted to only two typical reaction weeks. Right now, the market is below momentum on our weekly models casting a bearish cloud over the price action as well as trend.

At this moment, this market is in a downward trend on all our indicators looking at the weekly level. We can see this market has been down for the past week. The previous high made during the week of July 24th on the Weekly level at 5722 remains significant technically and only exceeding that level on a closing basis would suggest a reversal in the immediate trend. The previous low of 4810 made during the week of July 10th on the Weekly level, has now been broken in the recent decline here during 8/7 but the market is trading back above that low presently. However, we still remain above key support 4854 on a closing basis.

WEEKLY TECHNICAL ANALYSIS

The Downtrend Line from the major high of 2012 to the subsequent reaction high of 5722 formed 572 weeks thereafter resides at 5708. This is currently providing weekly technical overhead resistance and as long as this market maintains a closing below it, then it remains in a bearish consolidation phase on this level. Subsequent to the historical high which took place during 2012, a major low was created during the week of 04/20/2020 at 3090 which was 172 weeks from that major high. The Uptrend line resides at 4358 providing the technical underlying support. The top of the Uptrend Channel stands at 4656 which we have exceeded at this point in time.

Turning to our Energy Models, the market is making new intraday lows in price