Yelp Inc. $YELP is surging after a positive earnings report. Here's the coverage from MarketWatch.com:Yelp Inc. YELP shares jumped about 15% Wednesday in late trading after the company reported better earnings than expected and raised its full-year forecast. The online-reviews site reported second-quarter net income of $10.7 million, or 12 cents a share, on revenue of $234.9 million, up from earnings of 9 cents a share on sales of $209.9 million a year ago. Analysts on average expected earnings of a penny a share on sales of $232.2 million. Yelp also raised its guidance for the full fiscal year, changing its revenue forecast to a range of $952 million to $967 million from a previous statement of $943 million to $967 million, and increasing the adjusted Ebitda guidance to $186 million to $192 million from $179 million to $188 million. Yelp stock has lost 9.1% so far this year, as the S&P 500 index SPX, -0.03% has increased 6.9%. (MarketWatch.com)Yelp has been on a bearish run since May, part of what could be a price top. In fact, the price action in late July and early August broke into a new low on the year around $36.50. After the earnings event, price shot up from the range support area around $38 back to the middle of the range around $43.YELP Daily Chart(click to enlarge)Testing Range Central Pivot:- This 15% jump puts price right in the middle of the range, which coincides with the 200-day simple moving average (SMA). - For the bullish outlook to sustain, there can be two events that would help signal that bulls are indeed in charge.1) If price comes back but holds above $40.2) Price can hold above $43.- That means, if price fails to hold above $43, and falls back below $40, the market would be telling us the earnings report is enough to convince the market to turn bullish, outside of the immediate jump. - In fact, the failure to hold above $40 could mean that there will be new lows on the year, with the $32-$34 area in sight.