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Yesterday I mentioned that we should watch out STI resistance level at 2,830 level on Singapore stock market. Today, it opened higher than 2,830 but finally, it closed lower than 2,830 with a dark candle.

That shows that the stock market is facing resistance to move higher and therefore the down trend may continue. China share also dropped to a 19 months low after some economic fear as well. Now, Olympics is in progress and there is a possibility that the market may decline after the Olympics.

It is also important to watch out for the US market as well. US Dow Jones and S&P500 looks to form an ascending triangle and there is a bullish sign. A bullish US markets can possibility influence Singapore market to rally together as well. Though it looks bearish on the chart, you must also be careful on possible surprise that is coming from US market.

Singapore Straits Time Index Aug 11, 2008

DISCLAIMER: This information is used for learning purposes only. It does not constitute an offer or solicitation to buy or sell. You should do your own analysis on top of my postings.