STI: SII hit resistance at 1950 last Monday, this was confirmed Tues' failed attempt to break the resitance level. This resistance appears to be a very strong one as very high volume has been observed. The subsequent retracement saw STI broke its 1820 support level. Looking at the big picture, the STI is nearing its trend support line, this is not likely to hold with the poor Dow's showing in the last few trading days and bearish indicators. The Obama effects is losing steam...It will next test support at 1732. If the STI rebounds, it is likely to hit resistance at 1860.
Trading Strategy: I'll be looking at SHORT positions for the week. Many of the blue chips counters have also broken its uptrending support levels and is turning into bearish territory.
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