We are at a pivot point now, STI had broken down from its multi-months consolidation range this week, with obvious high volume. The wind is blowing south now.
On the other hand, US market three major indices. i.e DJI, SPX, NAS are still well supported by their respective support line. The Asian markets including HSI, SSE and STI all showing bearish sentiment. they are weaker as compare to US markets.
STI
As for this week, STI closed down 107 points or 3.6% at 2883, below its 50% level( the "mid-wave") at 2919. It looks to me a bearish sign poised for further downside. Its multi-months sideway consolidation was obviously broken downside by the last ugly weekly red candle.
However, the five days down straight in a row did not give a decent pull back yet, as long the pull back did not stay above 2960(Resistance) level, my bias will still remain bearish. To the downside, 2850(Support) is my next immediate support level to wathc out.
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