8.22.2012

Even a pullback may continue today, I expect to see higher highs soon

The index had successfully made a new high for four years, however the profit-taking (probably) had sent it back to the first support area 1412.00-1413.00.
If the pullback continues today, it is expected that the second support area 1404.64-1407.20 would work.
The level 1400.00 as it is the confluence of the trend line and Fib 38.2% should be a very solid support level for bulls.
As I told in the latest post, after making a new high, the market is expected to make higher highs ahead.


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