In last week, STI lost 9 points from the opening of 3153 and close lower at 3144. A black candle stick with lower shadow indicates that STI remains support at the critical support at 3120.

Key Economics Data report:

US Economists have increased their growth expectation for 2011. Improvement on retail sales, industrial production and factory orders are reported recently with and claims for jobless are trending downward.

In spite of high US unemployment rate, consumer confidence is growing and businesses are having healthy profits. In fact, DOW, S&P 500 has already recovered back to two-year high pre-crisis period in this week.

Technical Analysis on STI

STI index remains trending aimlessly under low trading volume as fund managers are clearing their year end leave for 2010.

1) In weekly charts, black candle stick with lower shadow affirms that the index does not have the strength to break the support turned resistance ...