Maximum downside looks at 8377.
Another bull run expected if it closes above 8750 for a quick run up to 9000. But if it consolidates holding these levels then we will have to be patient.
US data shows a mixed picture, with no near term rate increase on cards and a lower than expected GDP numbers (1.2% vs @ 2.3) . Data from Japan also suggest no liquidity issues so this liquidity driven bull ran may run a long leg.
Liquidity is sustaining the markets at these levels while not so positive earnings is making look the market overbought and ripe for a correction. Any sign of liquidity slump is going to trigger the fall and any positive fundamental is going to show us new high.
Going to be an interesting month. Hold tight..