In last week, STI fell 108 points from the opening of 2991 and close higher at 2883. A black candle sticks with little upper/lower shadow affirms that investors have no qualms in selling the stocks lower.
Key Economics Data report:
In the coming week, Europe may continue to drive the action as markets navigate the politics of Greece and Italian and French debt auctions.
Many strategists see a further decline ahead for the stock market and expect choppiness to continue as the US market is only 5% down.
Technical Analysis on STI
STI index broke the critical support at 2906 in the past week to end the consolidation mode since Feb 2011 and this is a bearish mode.
1) In weekly chart, a black candle sticks with short upper/lower shadow indicates the selling pressure of the market.
2) The weekly trading volume increases as the selling pressure soars on fears.
3) MACD ...
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