STI closed lost nearly 200 points or over 6% down in the week, diving below 3000 points.
Charts for major indices look not nice anymore. The sell off is a "constructive damage" to the whole markets.
Dow broken its major downtrend line, it at least need to climb up to close above 11,900 for bulls to survive, otherwise, plenty of room to downside.
S&P 500 broken its major uptrend line too, currently was supported at 1190, the bulls need to fight to close above at least 1250, otherwise, the bears will be in control from now on.
The latest news is : US no longer AAA, it's cut to AA+ by S&P
STI posted one of the ugliest weekly candle i have ever seen. It wiped off past 18 weeks gain, in just one candle(one week)... closed edge lower below 3000. The next support is its march low 2935 thereabouts. The selling off is overly done I believe, it's tough to "recover" the kind of lost even it's rebound, for this kind of "constructive damage". The US market stop bleeding on Friday but the bearish momentum is still there.
I'm off now. Have a nice weekend! Will update you soon.
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