The 2nd board index continued its sharp correction on Wednesday, with its daily low touching 93.23 points, with a range of 7.48%. It managed to rebound at the afternoon session, closing the day at 98.05 points, down 2.68 points. As shown on the chart above, the 2nd board index fell below 100.30 Fibonacci Retracement as well as the 14, 21, 31 EMA support. Therefore, the 2nd board index must regain its position above the 14, 21, 31 EMA or else, if it stayed below the falling 14, 21, 31 EMA, it might go downtrend. (Study A)

Market volume for the 2nd board on Wednesday increased 2.3
%, suggested that the 2nd board market is still actively participated. However, volume must remained high in order for the 2nd board index to return to above the 14, 21, 31 EMA. Or else, if the market participation started to decline, the 2nd board index is likely to stay weak. (Study B)

Stochastic %D fell below 70% level confirming the %K signal, and therefore, it ended the short-term bullish signal. Currently, Stochastic is showing neutral short-term movement, and if the Stochastic fell below 30% level, the short-term market movement would be bearish bias. (Study C)

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