Good morning, above is a year-to-date daily chart of the STI. It looks like a head-and-shoulders pattern is forming; left shoulder around mid October, head around early November and right shoulder around early December. Confirmation of this formation would be a close below the neckline @ 3119.
The short term trend, based on the 50day Moving Average line, has gone sideways. Longer term trend, based on the 200day Moving Average line is still up.
My conclusion? The direction of the market is uncertain, so wait and see. Support: 3119. Resistance: 3220.
Happy Holidays!
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