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Thursday, September 27, 2012

Window Dressing?

It's second last trading of the Month and end of 3rd quarter as well. STI rebounded with 13 points gain so far(4.20pm) at 3060. Recovered most of its loss yesterday. It filled the falling gap in between previous two days. Possible attribute to:

1. It retraced and tested 61.8% fib retracement level at 3045 and rebounded, in the context of the whole movement this round from 2977 to 3088. It will be consider a health retracement and I'm looking for more upside beyond 3088.

2. If it just rebound due to month end and quarter end window dressing, then it just a gap fading today, my hourly chart is still in downtrend unless it crossed and closed above my MA level at 3060 this week. The direction is unclear until then.

Note It's last trading day for futures Sep contract, whatever outstanding contracts will be settled based on tomorrow morning's opening price. Be prepared for vigorous movement in the opening.

(Click on chart to enlarge)

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