Expect Shallow Dip to Rebuild Support

The weak closing yesterday below the upper Bollinger Band (1,301) triggered a hook down on the 14-day RSI and sell signal on daily slow stochastic, suggesting further downside towards 1,280 is likely. A profit-taking dip which could be shallow will be good to neutralize the short-term overbought momentum before rebuilding support again, with the rising short-term SMAs cushioning downside.