The mood in the night session yesterday was chilly, so I felt uneasy,
but with the PPI coming in below expectations, the warm mood of the US market seems to have carried through to the domestic pre-market.
We have arrived at an inflection point over whether it will reach 7166, the first resistance of the rising channel of the ascending triangle convergence, today, or firm up a base within the channel before climbing.
Judging by the mood, it does not look like it will go down to the 6670 support line...
I think it would be fine to comfortably clear 7000 and break the resistance line next week.
We will have to watch foreign buying early in the session to see whether it is a fake or whether they truly intend to push it up — over these past few days the foreigners have been genuinely serious.
Yesterday was options expiry so it was fierce, but I hope good energy carries over today as well.
