The market RSI closed at the 78.4 pt-level last Friday, which is not far from the 80-pt overbought zone. Another one or two days of massive gains would see the market entering the overbought zone. So far, since the bull market began in March 2009, the index has never been able to stretch its gains within overbought territory.
Meanwhile, the near-term technical outlook of the market remains bullish. We continue to eye a tough resistance at the 1,395 pt-level while the 1,400 pt-level would be the psychological hurdle for the market. Initial support is now seen at the 1,360 pt-level, followed by the 1,351 pt-level.