Stronger-than-expected quarterly results lift market optimism as the earnings season is in full swing.
The index has been struggling to keep its head above 14070 after it resumed the uptrend above February’s high at 13900. The RSI’s repeated incursions in the overbought area are a sign of exhaustion in the supply zone.
A bearish breakout below 13880 suggests a lack of conviction so far from the buy-side.
13720 between the 20 and 30-day moving averages on the daily chart would be a critical support to monitor.
