QE3 announcement might have changed STI's downtrend movement

Last week, STI started the week struggling to rebound towards 3040 key resistance level, but STI managed to end the week with a strong bullish movement on Friday after US Fed introduced the QE3 package into the US economy. This announcement send STI flying during the opening to quickly break the key resistance level of 3040 which could have ended STI’s downside movement for the past 1 month. Bullish traders were confident that this introduction of QE3 package will benefit not only the US market, and also the local market. With such positiveness, STI managed to close 58.72pts for the week and end at 3070 level. Despite such strength and positiveness, some were still sceptical about Friday’s movement and were avoiding the market. Has STI really ended its expected downtrend movement? Will STI retrace this week after such strong bullish movement?

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