In last week, STI merely lost 28 points from the opening of 3238 and close higher at 3210. A black body candle stick with long lower shadow similar to a Hanging Man indicates that investors remain fearful of the 3233 resistance.
Key Economics Data report:
The government shuts down. The economy unravels. Stocks plunge. That may be Wall Street’s worst fear, but history shows it’s mostly overblown. There have been 17 government shutdowns since 1976, ranging in length from one to 21 days. None has caused a market meltdown. The average decline in the Standard & Poor’s 500 index during a shutdown lasting 10 days or more is about 2.5 percent. For shutdowns lasting five days or fewer, the average decline is 1.4 percent.
Technical Analysis on STI
STI re-test the critical resistance at 3233 in last week and pullback on the fear of this resistance.
1) In weekly ...
...