Straits Times Index is now forming its UDowntrend formation.

After a week of long weekend, Straits Times Index did not do much of “catching up” action last week. Instead, it started to show bearishness during the end of the week and did not maintain at its previous levels. The week started flat as the market stayed cautious and lacked of catalyst to move. However, STI managed to gain a bit of bullish momentum as the week progress; and it managed to hit a high of 3251 level on Wednesday. As DJI plunges into the negative territory on Wednesday night, STI failed to maintain its gains on Thursday and went back to square one. This bearishness did not stop and much more selling pressure came in on Friday which caused STI to slide to as low as 3180 level. It had been more than a month that STI trades below 3200 ...