Over the past 3 days, the index had developed a bearish reversal pattern. 3 days ago, there was a white candlestick which hinted of a possible bottom. The next day, there was a gap higher, hinting that the index could have made a bottom. However, price was not able to break above the cloud and today we have a black candlestick which gapped down from the day before to near the first day of our 3-day reversal. Could this be an Abandoned Baby reversal that could send the index down to 3050? MACD has turned bearish which supports that idea of a price decline. A break of 3045 could send price even lower but for now let just monitor the short term movement to 3050.