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Monday, May 3, 2010

Market Update

US market:

Dow Jones has ended it eight weeks consecutive up last week with the whole week down195.67-- a black candle, at its 61.8% fibonacci retracement level.
2010Apr-Dow Jones Industrial-800x600

SPX too ended with a black candle.
2010Apr-S&P 500-800x600

As for STI, it was resisted at its 61.8% fibonacci retracement too, and this level is also confluence with its 20dma resistance. The market looks to the bearish side,indicators such as MACD, Stochastic indicator bearishness too. To the downside, the first support level we shall watch out is 2940, a break below this level would possible lead STI down further. For the upside, 3000 level is the immediate resistance to watch out.
2010Apr-Straits Times-800x600

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