As usual, massive buy programs on Monday night caused a large gap-up open on Tuesday morning, trapping the short-sellers who were force to cover, triggering a short-covering rally all day Tuesday.
The PPT buying programs should continue as they would like to see the market rally (Santa Clause rally) into Christmas to ensure that people would feel happy at Christmas. Will they be successful, only time will tell.
The PPT buying programs should continue as they would like to see the market rally (Santa Clause rally) into Christmas to ensure that people would feel happy at Christmas. Will they be successful, only time will tell.
Resistance for Tuesday is 2280, and support is 2250.
- Above 2280 implies the rally is going to continue with next resistance at 2300.
- Below 2250 implies the downtrend is going to resume, next support at 2230.
