MONTHLY CHART:

The Index failed to overcome resistance from around the 284.61 Jan-07 low - this was marked by a negative Key Reversal Month in Jan, heralding a corrective phase.

The current assumption is that rallies will continue to be short-lived for now.

DAILY CHART:

The Index earlier tried and failed to overcome resistance at 280.00.

Violation of the 38.2% support level and 256.89 Feb low strengthened the bear case, but the downward run could soon be interrupted by support in the 244.00/239.00 area. This includes an equality target (293.75/256.89 downleg extended off the Apr 280.83 high), bear channel base projection, and a lower Fibo projection.

S/term support is likely around here, although rally attempts should not be long-lasting. Beyond the 256.89 Feb low note resistance offered by the 266.64 26-Mar low