The oversold bounces on the 2, 3, and 5-day moving averages that started after February 6 have officially run their course. On the weekly chart, the slow grind up is now in a corrective cycle against the 1 and 2-day MA lines. This essentially means the mid-to-large scale recovery phase has been paused. What we are seeing now are just small 1 to 2-hour oversold bounces, and they lack the strength to hold. In the short term, any pump is a shorting opportunity. If you are buying, it should only be for quick scalps with tight exits. The next key level to watch is the daily zone between 75,750 and 74,800. That area will tell us if the downtrend can be broken with a V-shaped recovery. If it fails, the uptrend is over, and we are heading back into a grinding downtrend. The change in leadership at the Federal Reserve has effectively killed the mid-term bullish momentum. The luck has turned. The three-month window of buying the dip is now closed.