2nd board index started with positively, but started to retreat in the afternoon session, ended the day 0.69 of a point higher to 92.42 points. As pointed by A, the 14, 21, 31 EMA remained on a fall while still serving as the dynamic resistance to the 2nd board index. Therefore, as long as the 2nd board index remained below the falling dynamic resistance, the outlook for the 2nd board index is still on the negative bias. Nevertheless, 87.69 Fibonacci Retracement is still the current support level for the 2nd board index.

Volume for the 2nd board market rose 13.6%, while almost touching the 40 days VMA level. Therefore, this suggested that the market participation for the 2nd board is still relatively insufficient. Therefore, unless the volume could pick up significantly, chances for the 2nd board in regaining its positive position is still light. (Study B)

As of Wednesday, Stochastic is still situated below 30% level, in the short-term bearish region. If the Stochastic could break above 30% level, the short-term market movement for the 2nd board index would turn from bearish to neutral. (Study C)

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