In last week, STI lost a solid 126 points from the opening of 3311 and close lower at 3185. A long black candle stick with short lower shadow indicates investors have no hesitant in selling the stocks lower.

Key Economics Data report:

At 175,000, May nonfarm payrolls were slightly above expectations of 169,000, and private payrolls were decent at 179,000. A decent report, certainly — yet the prior month’s figures were revised downward by 19,000.

Bottom line: this is just strong enough for Federal Reserve officials to continue their talk of tapering of bond purchases.

Technical Analysis on STI

Yet another critical support at 3233 was breached in last week as more investors sell on the fear of US Fed tapering their bond purchases.

1) In weekly chart, a long black candle stick with short lower shadow affirms on the panic selling by the investors.

2) The weekly trading volume drops ...