I had few posts for the past two trading days, the market continue its consolidation--trading in the range. Last Friday Dow's down of 168 points sparked some bearishness in the market but it's basically still in the range trading, it hit top resistance level 13,260 and reversed down, nothing more than that.
Dow: We are now in the middle of the trading range 13,260-12,730, it was closed at 13,038 last week, 38 points above 13,000.
STI: It has been conlidated over past 13 weeks or since Feb, in the range of 2900-3033, under its long term downtrend line as shown in the chart below. STI need to break above this downtrend line in order to move higher.
Will update soon.
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