Last Friday STI closed at 3110, end 14 points up. Something to cheer on was it had an opened low closed high. Unfortunately, this morning it tumble. Gap down to 3078, 32 points down when market opened. Few minutes later, it dived further to 3067.
Remember I keep saying that the recent STI up, up, up is a "rebound". Why? You look at the first white background charting, the decline line that I drew. The whole picture tells you, STI is on up trend or down trend? It can't break that declining line since September 2013. Isn't it?
As US market goes higher, it get more fragile. Any bad news may cause the market to tumble. This week we are suppose to concentrate on US PMI, ISM.........No-Farm reports. But now, there is an additional thing that we need to watch out - Ukraine. Let's see how Europe and tonight US markets respond to this.
Nothing much serious plus acceptable reports from the US may lead the market to rebound. Otherwise on STI, look at the second charting which was capture at 2.30pm. I had reverted the Fibo, watch for 50~61.8% support level. If down some more, second support at 23.6%
To answer my friends who asked me this question during the last weekend, for STI to really turn into an up trend as I mentioned in my previous posted http://achua138.blogspot.sg/2013/12/sti-broke-traingle-boxing-and-3120.html provided it broke 3300.
Remember I keep saying that the recent STI up, up, up is a "rebound". Why? You look at the first white background charting, the decline line that I drew. The whole picture tells you, STI is on up trend or down trend? It can't break that declining line since September 2013. Isn't it?
As US market goes higher, it get more fragile. Any bad news may cause the market to tumble. This week we are suppose to concentrate on US PMI, ISM.........No-Farm reports. But now, there is an additional thing that we need to watch out - Ukraine. Let's see how Europe and tonight US markets respond to this.
Nothing much serious plus acceptable reports from the US may lead the market to rebound. Otherwise on STI, look at the second charting which was capture at 2.30pm. I had reverted the Fibo, watch for 50~61.8% support level. If down some more, second support at 23.6%
To answer my friends who asked me this question during the last weekend, for STI to really turn into an up trend as I mentioned in my previous posted http://achua138.blogspot.sg/2013/12/sti-broke-traingle-boxing-and-3120.html provided it broke 3300.
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