Monday was a reversal-up day, with the open near the day low and the close near the day high just above key inflection level, 2455. For Tuesday:
- Above 2455, the market should continue to rally up to the next resistance level 2465. A sustained break above 2465 could potentially trigger a short-covering rally that could push price up to re-test Thursday's swing high.
- However, a break-back below 2455 implies more consolidation decline, targeting the first support level 2435 then 2420.
European sovereign debt crisis should continue to dominate the financial news. Besides Greece, Portugal is now also looking to restructure its debt.
