On Friday, the 2nd board index ended mixed with a daily low at 103.42 points. However, it was supported by the 103.36 Fibonacci Retracement level, and the 2nd board managed to rebound before closing at 104.14 points, up 0.14 of a point. Therefore, the 103.36 Fibonacci Retracement level is still the immediate support level.

Meanwhile, as indicated by A, the 14, 21, 31 EMA is still rising while continue serving as the dynamic support the 2nd board index. Therefore, provided that the 2nd board can remain above the rising dynamic support, the uptrend is likely to continue.

As the 2nd board index showed a mixed trading day, volume for the 2nd board market also declined, and stayed below the 40-day VMA level. From a technical analysis point of view, the lower volume when the 2nd board index had its correction is considered normal. However, if the 2nd board should resume its uptrend, market volume staying above the 40-day VMA is needed to confirm the uptrend. (Study B)

As circled at C, after the Stochastic %D entered the over bought region (above 90%), the 2nd board index started its correction. However, provided that the Stochastic can remain above the 70% level, the short term market movement for the 2nd board index is likely to be bullish biased. (Study C)

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