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On Thursday, the Composite Index ended mixed, closing the day 0.61 point lower to 941.06 points. As indicated by circle A, the Composite Index has broken above the 20 days Bollinger upper band, which signaled an over-heated market condition. Therefore, a pull-back effect shall take place in the short-term. However, depends on the market sentiment, there are cases where the pull-back effect was delay. Nevertheless, support for the Composite Index is now at the 10 days Bollinger middle band dynamic support while the first resistance is at T2 and the next hurdle would be at T1. (Study A)

As pointed by B, total market volume on Thursday was 26% lower, stood at 1.49 billion shares. During a consolidation or correction, a decreased in volume is rather healthy. Nonetheless, if the volume could remain above the 40 days VMA, market outlook in generally would still be on the bright side. (Study B)

As circled by C, both the %K and %D lines are still situated at the short-term bullish region (above 70%). Therefore, provided that they could maintain at this level, market sentiment for the short-term is still bullish. (Study C)

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