Friday Wrap Up

STI dropped 116.96 points or 4.1%, its 3rd week consecutive bloody drop. It has dropped 455points or 15% for the past three weeks.

STI closed at 2733 today, which is its weekly pivot S1. 2700 is its past major support, recent low is at 2720. I guess market "should" get a rebounce at around 2700-2720( subjective analysis). Refer to STI weekly chart below.

And here's STI momentum update for this week:
Mon: 49
Tue: 49
Wed: 47
Thu: 50
Fri: 47
Recent low on 11 Aug is 43. Still "under water", below 50 benchmark but slight better. Do aware of "double bottom" formation if it got rebounce from 2700-2720.

Please do not rush into the market for long position. Market is still weak, trade with trend, trade with trend always...

Have a nice weekend.