In last week, STI merely gain 9 points from the opening of 3049 and close lower at 3058. A white candle sticks with little upper shadow indicates that there are no hesitant in the buying pressure.
Key Economics Data report:
More than half the S&P 500 companies had reported as of Friday and earnings are estimated to be down 1.2 percent for the quarter, the first negative quarter in three years.
An unusually high 63 percent of those companies have missed their revenue forecasts, and many have made negative comments about the current quarter. However, there were also bottom line beats by 63 percent, as companies continued to manage costs against softer revenue growth.
Technical Analysis on STI
STI index had re-test the critical support at 3030 for the 4rd time and continue to rebound strongly above this level.
1) In weekly chart, a white candle sticks with short …