end of day look at STI

Above is a daily candle stick chart of the STI. Support at 2700 is already broken, and now we are back to testing 2010's low of 2648. If this support fails to hold, we are looking at 2400 as the next support level. The overall picture is rather bleak. I think it is better to stay out until some measure of stability is seen in the markets.

end of day look at STI

Good evening, this was another down day for the STI. I just wonder how long the drama at EU will pan out. As for now, the STI continues on its sideways move, with bias to the downside. Support at 2700 is still holding for now. But looking at the price action for the past few weeks, it appears that the bulls are getting weaker and weaker as we have have been seeing lower and lower highs each time the STI bounced off support. Things will be quite ugly if the 2700 support is broken. I would suggest investors take a wait and see attitude for now.

end of day look at STI

good evening, above is a daily candle stick chart of the STI. Major trend, as shown by the 50day and 200day moving averages, is still down. However, the STI managed to stay above the 2700 level, and that is a good sign. Resistance is 2900. Until there is some clear resolution to EU debt crisis, i suspect that the market will continue to bounce between these levels.

a look at sti

Good evening, above is a daily chart of the STI. Major support is 2700, major resistance is 2900. The STI has been moving in a volatile, sideways movement since late Jul 2011. Key concerns now are the EU debt crisis, persistent high unemployment in US, and the US government's suit against 19 banks for fraud in their sale of mortgaged backed securities to Freddie Mac and Fannie Mae. Of immediate concern now is the EU debt crisis. Until that is resolved, i believe markets will continue to be volatile and weak.