Tuesday, August 7, 2012

Another trending-up day on Tuesday, with late day profit-taking decline with a close below key level.

Key level for Wednesday is 2715.
-- Above 2715 implies next up-leg is likely in progress, target up is 2750 double-top resistance. Failure to break resistance could cause a fast trend reversal down. A Falsebreak above resistance could also lead to fast reversal down. A sustained break above resistance however, could cause another round of short-covering.
-- Below 2715 implies consolidation, first support is 2700, then 2690.