In last week, STI gains 62 points from the opening of 3005 and close higher at 3067. A white candle stick with little upper/lower shadow affirms that investors are bullish on the earnings report ahead and choose to buy up now.

Key Economics Data report:

Concerns on the Greek debt situation and the expiry of Fed easing could create another week of volatility as the QE2 draws to an end. The S&P has fallen 5.7 percent in June, down 4.3 percent for the quarter but still holds a 0.9 percent gain for the 2011.

Stocks could be under selling pressure for another couple of weeks as investors watch Europe and also debt ceiling and budget discussions in the U.S.

Technical Analysis on STI

STI index has re-test the critical support at 3000 and rebound strongly to close near the resistance at 3070 on Friday.

1) In weekly ...