Traditional reading reveals that the index is in a short-term bullish status as RSI, Stochastics, MACD and DI indicators demonstrated. None of these indicators hints an overbought.
Also the price has crossed up the 50 days MA - a sign that encourages buying.
However, the market is still in a long-term bearish status as long as the trend-line (Yellow), that connects the highs of 4/2/12 and 5/1/12, is still respected.
Elliott wave reading
Either case: The price is in the forming of wave C (final state of the counter trend rally - bearish scenario) or the price is in the forming of wave 3 of an impulsive 5 waves up (bullish scenario).
The internal wave structure seems that the movement from 11am of 6/12/12 till now had revealed 3 waves of a 5 waves structure. Wave 3/3 (or 3/C - bearish scenario) had probably finished at 1363.46 - the yesterday's high. If that was correct, then I expect to see a following pullback today to form wave 4/3 (or 4/C).
This pullback if any would find supports around [1346.90 - 1352.00].
The rebound following to form wave 5/3 (or 5/C) would likely to target [1372.xx - 1389.xx].