Short-covering rally continues as the Fed, the ECB and the BOE continues to monetize the debts. The rally should continue as long it can continue to stay above key support level.
For Tuesday the key inflection point is 2265.
- Above 2265 implies the next upleg is still in progress targeting a move up to 2575, then 2585.
- Below 2565 implies it is going into a pullback/consolidation mode targeting a drop down to 2250, and if that does not stop the decline, then next target/support is 2240
European debt crisis should continue to influence the market.
