Weekly Wrap

For the week, global stock market continue its fall. STI fell another 23 points or -0.7% and HSI lost the most at 600 points or 2.8%, among the six major indices i monitored.

My STI momentum indicator dipped below 60 level this week, indicating extremely oversold.( refer to my previous post). It has bounced back up every time it dipped below 60, since 2008. It telling me STI might found its support around current level around 3100. STI closed at 3161, which gave back all its gain this year and 6 points below its Yr 2012 close 3167 level.