In last week, STI merely lost 12 points from the opening of 2994 and close higher at 2982. A black candle sticks with little lower shadow affirms that bulls remains firm in buying on pullback to support.

Key Economics Data report:

On Friday, first-quarter GDP showed growth of just 2.2 percent, below the 2.6 percent expected by economists. Bulls will likely to do battle with potentially bearish European news in the week ahead as investors await Friday’s April jobs report.

The week ahead also includes May Day. The markets are highly sensitive to the historic pattern of “sell in May” and “go away,” particularly since it has held true in the past two years when stocks reached their highs of the year in April

Technical Analysis on STI

STI index remain slightly lower than the critical resistance at 3005 as investors sells on uncertainty ahead.

1) In weekly chart, ...