Yesterday, there was some form of buying, however it was not clear on the exact direction of the market. Could it buying be a form of more distribution or could it be a continue of the uptrend? Today i witnessed that the gap was filled with strong buying activity. I believe the up move shall continue however with limited upside. I was lucky not to take a short position because i knew i would jeopardize myself.
Should STI continue further, the next level should be the 3223-3245 level. If i would dissect this LIVE before the market even continues higher and read the minds of the big operators, the past 2 days action could be big sellers taking profits and they are planning to put out shorts soon around the 3223-3245 level. I still believe this is a bear rally with a much bigger bear surfacing soon. For now, the market shall continue it's way up until we see short selling by big sellers.
Ronald K
