STI Outlook Gloomy

Good morning everyone. Sorry for my inactive in updating my blog last few days. I'm a bit of annoyed by the bearishness of the market. And I can't short it due to the temporary unavailable of CFD trading, the good news is Kim Eng is taking the opportunity to fully revamping the CFD platform and is expected to start brand new in year 2012.

In any case, Christmas is just on the corner and we have two weeks to end the year 2011. Are we going to have a rally towards year end? The odds seem getting slim. So far the market looks still weak, look at the chart below, STI triangle uptrend line has been broken, the 61.8% fib support level 2668 also been broken at the same time. On last Thursday it actually did gap down below this level, and managed to had a rebounce to filled the gap( Friday's high is 2667.38), 2668 support turns to resistance level now. 

For this week, I'm watching 2640 as STI's immediate support closely, once it closed below 2640, more downside shall come.