It seems we've reached a critical point, whether or not to break through the 7214 mark, which is now the 0.5 retracement level of the previous high.
Of course, right now we're hovering just below the 7000 line, but
with Nvidia's earnings surprise and the added effect of its own stock buyback, the market direction is likely to gain more momentum,
raising a glimmer of hope that we might be able to surpass 7214.
For now, foreigners are in a position where they have to do some tearful short covering due to their previous short selling, and
they seem to be making moves to buy futures in large quantities overnight & yesterday, trying to pull up the index. They're buying in the morning session as well.
Right now is a time for individual investors to realize profits and losses, and with some order book adjustments, if the upward pressure continues like this, it seems possible that a bullish candle could be formed in the afternoon session. However,
if there are variables, such as gold ETFs selling their holdings bought at the lower channel for profit, we might see a slight rebound rather than a bullish candle.
Lately, every afternoon session sees pension funds selling, and foreigners also dumping macros, resulting in a balance level drop. It seems inevitable that we'll see a drop after 2 pm today as well.
