Market Outlook (02/03/13): STI Breached 3281 Support!

STI

 

In last week, STI lost 18 points from the opening of 3288 and close higher at 3270. A black candle stick with short lower shadow indicates investors have qualm on selling the stocks lower.

Key Economics Data report:

On Friday, U.S. government hurtled toward making deep spending cuts that threaten to hinder the nation’s economic recovery, after Republicans and Democrats failed to agree on an alternative deficit-reduction plan. Both sides still hope the other will either be blamed by voters for the cuts or cave in before the worst effects – like air traffic chaos or furloughs for tens of thousands of federal employees – start to bite in the coming weeks.

Technical Analysis on STI

STI index broke the critical support at 3281 in this week as more investors wanted to exit the market for profit.

1)┬áIn weekly chart, a black candle stick with short lower shadow …

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