There were many posts on swing trading yesterday.For swing trading,the trend is still up and most swing trading systems will have trend change indication at 7400 or below as of now. 30-40 points moves are day trading moves.For swing traders it gives opportunity to add or scalp few points and better his average cost.
Part profit taking can be considered in 7500 -7550 range on a steep rise.Swing trading systems went long above 7100 so it is a good profit accumulated on their long positions but there is no reversal of trend yet.Traders will go on calling reversal in every counter trend dip,taking short trades and getting stopped out.For shorting we will wait for the down move to start,till then traders have to be trading from long side.Various estimates of the extent to which this upmove will go, where it will reverse etc are only estimates and market is not showing any reversal yet.
Smart_trade