STI Upside Resistance 2750- 2788 today

The US market major indices Dow and SPX are hovering their major resistance at 11500 and 1220 respectively,( they both closed slightly above the resistances), while the technology dominated index Nasdaq  shows stronger uptrend.

As for STI, the current "boundary" is 2715-2750( refer to my previous post), a break above 2750 could lead to the next resistance area at 2750-2788, which is the gap when STI fell down yesterday.

As for the long candidate, Hkland US$ is holding well at its support level 4.7, with target 5.07 and 5.2( refer to my post on 17th Oct http://www.sgtraderclub.com/2011/10/hkland-us.html)

and SIA Engg formed a hammer candlestick reversal yesterday.

Will update you again.

STI First Support is Still Hold

US market is up to positive region as I'm writing now, up 65 points from negative about 100 points in the opening. Market is choppy at this time, Dow's first support level 11,300 has been holding well, SPX first support 1193 has been holding well so far, STI's first support 2705-2715 has been holding well today. In fact it's trapped in between the range 2715-2750, will my shorts become "one day show" only? I will watch the level 2715-2750 level for market direction tomorrow.( In fact is today, it's passed midnight already).

Just one more check STI status by now, it got "one leg" to upside as we are waiting for a higher low now. Thus it's still a rebounce in downtrend.( though the first downtrend line was already broken). I'm going to sleep well and let the US market tell me tomorrow morning.

The Vunlerable Shorts(2)

GLP

NOBLE

OCBC

UOL

The Vunlerable Shorts(1)

SIA Engg has no strength to rebound at all in the recently market run-up. My first shorting candidate with target 3.45( recent low).

Citydev approaching its major downtrend line, I'm waiting for a bearish reversal candlestick to confirm my short, otherwise it could break to upside. The weakness is evident by the diminishing volume with upside run.

HKland US$

Hkland is one of my favorite long candidates, it had break out from its double bottom formation on 7th Oct, went up tested its resistance first time at 5.07, retraced back to its support level on Friday( Friday low is 4.66, double bottom neckline at 4.65), today it opened at 4.77 and now 4.95, my first target is 5.07, and 2nd target is 5.2.

Weekly Wrap and Broad Market

Uncle Dow closed at 11644, up by 166 points on Friday trading--its highest CLOSE over the past two months. It's now standing above its benchmark leve, last year close 11570.

The fear factor VIX has cracked its support level and dropped below 30 on the same day, which indicate market bullishness. I see further upside other than downside in coming weeks.

STI effective support is at 2700-2715, and the resistance area is 2790-2800 in coming week. STI may had a side way consolidation or retacement before it take off to up again.

Will update you more long candidates.

Long Candidate: NOL

I'm not a so "interest" to trade NOL,but it shows a kind of bottom out formation.It had a nice consolidation over the past two month, appears to me the bulls is coming back to it. First target is 1.22.

Market Looks Bullish Still

It's Friday today, and we have special Friday indicator. the 50% market is at 2700 for this week, confluence with our classic support level. I'm bullish as long STI close above 2700 for this week. STI is resisted at 2750 resistance level right now.

Dow Index closed at 11478 last night, 100 points away to its benchmark level 11577( last year close). Still remember the "tug-of-war" indicator?

Many blues chip under my radar are currently facing their resistance level, I'm waiting sideline now. PATIENCE is the key...

Will update you again.