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The downward spiral continued amid strong intraday volatility as uncertainty surrounding the weak global economic scenario coupled with the likelihood that the US Federal Reserve would maintain a hawkish stance weighed on sentiment. Markets could continue to experience intermittent bearish streaks Investors are likely to reduce their long positions due to a number of negative factors.Technically, the Nifty has formed a long bearish candle on weekly charts, suggesting further weakness from current levels. However, with the market in oversold territory, we could see a quick pullback rally if the index trades above 17550. Above that, the pullback pattern should continue to 17650-17700. On the downside, the weak sentiment will continue as long as the index trades below 17500. Below that, the index could retest the 200-day SMA or 17425 level. The Nifty has fallen back into the falling trough, increasing the likelihood of further downside. The 50DMA and 14DMA are in a bearish crossover. Also, the current reading is well below the critical short-term moving averages, with the momentum oscillator RSI (14) slipping below the 50 level towards 17300-17200 in the short-term. On the upside, the key resistance stands at 17700.