A choppy day in market land. Opening gains failed, but a latter day recovery saw those failed gains recouped. This equity bounce is probably just a small wave'4, with a final decline to sp'1480/75 still viable within the next few days.
So, we saw a moderate day higher, but the gains sure weren't very stable. The morning weakness..even turned a few indexes briefly red. This is not the sign of a good floor! The closing hour action was reasonably bullish.
Bears getting tired
On a MACD (blue bar histogram) cycle perspective, we're now very low on the daily cycle. Considering there is very key rising support @ sp'1480/75, I find it very difficult to imagine breaking under that zone.
Hence, I'm looking to go long...within the next few days, upside target would be somewhere around 1550/70
A little more later