The daily chart shows consecutive daily closes below the head and shoulders neckline. The rising trend line has been breached as well. Hence, it makes sense to be on the short side, although major averages – 50-DMA, 100-MA are still sloping upwards. Thus, a consolidation is more likely as the index allows the averages to top out before resuming the drop.
On the higher side, key resistance levels to watch out for are – 5690-5730-40. On the lower side, 5568 & 5479 could offer strong support.