Market Update

Obviously, bulls are in charge of the market now. But I see the uptrend get over extended. We might going to have some correction in coming week.

For US market, the benchmark SPX is approaching its 61.8% fibonacci retracement level at 1228( the tinted color in below chart), which is measured from 2007 top to 2009 low, and it's also its horizontal resistance level. SPX closed at 1211.67 yesterday, it's another 16 points to 1228.



As for Straits Times, it's likely will consolidate in the area between 2945 to 3040 for some time. Any pull back will offer long opportunities.