Weekly Wrap

For the week, major markets turned to bearish in last two trading days. But US three indexes managed to stayed positive marginally, whereas three Asian indexes closed negative.

Shanghai index closed down little, it looks the index still resilient.
HangSeng closed with a big engulfing weekly candlestick, which is very bearish.
Straits Times index also closed with a bearish weekly engulfing candlestick.

STI closed with a bearish weekly engulfing candlestick. Close below 50% fibonacci level at 3054 as well. Expect more downside if it can not rebound above 3054 level.