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Sunday, June 30, 2013

Weekly/Montly Wrap

It's the end of month for Jun. A red sea of blood for all the six major indices I monitored. refer to the first table below, Dow dropped the least with 1.4% or 206 points down, and Shanghai lost the most with 321 points or 14% down. Money outflow from all market reacted to Fed's possible reduce of stimulus plan. China market hit lowest since 2008 financial crisis bottom on banks cash squeeze. SSE closed below 2000 level this month. market sentiment is very weak.

STI closed at 3150, lost 160points or 4.9% in Jun--it's biggest drop since May 2012. Gave back all its gain this year and moreover, below last year end close(YEC) 3167--which is a bearish sign.

STI monthly chart formed a big red candle with a little tails below--which shows rejection to drop further(possible short recovering at month end), the candle is basically very bearish. It just broke below the major uptrend channel at 3190.

There isn't bullish reversal signal yet, 3065(month low) level for downside immediate support. Bullish bias if it can rebound above 3167 YEC.
Below table is major indices weekly close. Some window dressing at month end with five indices gain on weekly basis, while SSE dropped another 4.5%.

STI weekly chart below. It formed a green candle after five red candles, finally rebounded. Unlike its monthly chart, its uptrend channel is still intact in short term weekly chart. Will be watch 3167 for more upside or channel bottom as support.

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