February saw the worst decline since 2016 and March kicked things off with another shellacking. Although the direction points lower in the near term we are still within the primary channel established starting in 2016.
The top of the lower channel lies at 24100 and a break below this will imply a move down to the 21,700-22,000 area. Rising interest rates and tariffs seems to be the prevailing excuse for this correction. Naturally this is nonsense as the pundits always need to assign a fundamental reason to try to explain every move logically.