The Market Outlook

Good morning everyone. Hope you had a great weekend. I went to Semakau Island over the weekend-- A small island of Singapore which you have to apply entry permit, it was a great experience. Nice ocean view and sightseeing.

S&P 500 had two weeks down in a row, it's formed a small inverted hammer last Friday on it's 61.8% fibonacci level(support). The market is weak and the drop is overly extented. The major support is 1120 for S&P 500--another 40 points away from Friday's close.

STI is rather weaker as compare to SPX-- four weeks down in a row, and broke below its 61.8% fibonacci level last Friday, much weaker as compared to SPX. I always wondering where the real crisis is. Asian market such as Hang Seng and Shanghai are much weak too, Shanghai market is one of the worst market world wide this year, probably better than Greece only.

STI current support level I'm watching is 2640( switch your chart to line chart to see). if 2640 can be hold, then it going to test the long tails on STI weekly chart, the low is 2520.