In last week, STI merely jump 5 points from the opening of 3283 and close higher at 3288. A black candle sticks with long upper shadow and thin body indicates that the market is trending on sideways.

Key Economics Data report:

Washington’s budget debate could stir up new anxieties as markets head into March, even with expected reassurances about Federal Reserve policy from Chairman Ben Bernankein the week ahead. Bernanke is expected to soothe markets with a reaffirmation during Congressional testimony Tuesday and Wednesday that the Fed will keep policy easy as long as needed. But, at the same time Congress and the White House are likely to do battle publicly about the “sequester” spending cuts, elevating once more the view that political leaders have created an atmosphere of dysfunction.

Technical Analysis on STI

STI index continue to trend slightly above the support at 3281 for past 4 weeks.

1) In ...