Market Overview
Monday started the week with some back-and-fill action, opening at 6663 and pushing to a weekly high of 6705 before sellers stepped in. We closed down 22 points, which felt like distribution more than anything decisive. The real story started Tuesday with a gap down open at 6587.25 — a clear sign that overnight sentiment had shifted. We managed a small bounce back to 6646, closing up 15.5 points, but that recovery felt weak.
Wednesday looked like it might reverse the damage, opening back at 6663 and testing 6684.75, but the buying dried up quickly. Another 23-point decline told me the bulls weren't committed. Thursday is when things got ugly — we opened at 6590.5 and just kept falling, hitting 6521 before closing at 6524.75. That 65.8-point drop broke through several support levels and set up Friday's capitulation.
Friday was brutal. Opening at 6494, we barely managed to tick higher before the selling accelerated. The low of 6398.25 marked our weekly floor and represented a 306.75-point range from Monday's high. When you see that kind of range expansion, you know institutional money is moving.
The weekly close at 6413.75 puts us firmly in the lower third of the range, which is bearish positioning heading into next week. Support around 6400 held for now, but it's been tested and weakened.