Weekly Wrap

STI closed at 3048.92 for the week, recovered 7 points as to its previous 66 points drop. The recover seems very weak and minimum. Given the weakness in US market, odds are in favour to bears. Anyway, stick to the support and resistance level and the market decide its direction.

I will continue watch 3066 for STI immediate resistance, while for the downside, watch 3035 then 3000.

For US market, DJI dived 205 points on Friday to closed at 13343. Its six week range is from 13300-13650. To the downside, watch the uptrend channel bottom for support, at 13050.

The broad market index SPX dropped to near its six week range bottom  at 1425 as well. It closed at 1433.19 for the week. Support 1425 then 1405 channel bottom support.