In last week, STI gain 23 points from the opening of 3213 and close higher at 3236. A white candle stick with long upper shadow similar to a shooting star indicates on the weakness of the rally.

Key Economics Data report:

U.S. consumer sentiment rose in July to the highest level in six years as Americans felt better about the current economic climate, though they expected to see a slower rate of growth in the year ahead, a survey. The Thomson Reuters/University of Michigan’s final reading on the overall index on consumer sentiment climbed to 85.1 from 84.1 in June, topping expectations for 84.

It was the highest level since July 2007 and was also an improvement from July’s initial reading of 83.9.

Technical Analysis on STI

STI close right at the critical resistance of 3234 in last week as the rally continue to lose strength.