Market has finally shows sings of life – the 870 area held and we are facing a nice rally from the lows. This is a good sign. Still, the resistance at 900 is not breached, which makes me nervous here. Before going long in this market, I would like to see a 900-910 area to be breached on high volume and some positive news. This will bring the bulls back into the market and will force short covering.
My projection is that we might see some consolidation at 900-910, after that the upward action will continue. Next big resistance will be at 1000 points.
