I am tired but I think I still want to do this post before going to rest. As I received a comment from Dr Foo asking to post more about Asian markets instead of US markets. So, I am telling myself to at least do a post on Asian markets everyday. I am now working towards this Goal, and I will start with Singapore Straits Time Index.
I posted yesterday a final verdict of correction is around the corner on Singapore Straits Time Index.
Indeed, a dark candle is formed today and the selling pressure is pushing the STI to close at this low today.
Dark Candle Formation + Double Top = Bearish Correction
STI did not manage to break the resistance and close higher. That disqualify formation of a higher high. It stopped close to the resistance level and form a double top formation instead. I noted that the immediate support of STI is around the 2,176. Now, I shall watch to see STI can hold at this support or not. (While I am writing this post, I am looking at Dow Jones losing 150 points, I doubt STI can be spared on Friday).
If STI indeed cannot hold the 2,176 support level and there will be a tendency for it to correct downward to the 38% or 50% Fibonacci support. Some rebound may appear there, but if the rebound form a lower high peak, haha, that’s the moment I am waiting… The lower high formation will disqualify the uptrend and suggesting a down trending market is forming. I will be looking for counter to SHORT in the Singapore Stock Market as the bear is welcoming us to dance with them… 
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.
Singapore Straits Time Index (STI) Stock Market Outlook
Welcome back to InvestMoneyLab, you can now join our Facebook Friend of InvestMoneyLab to get a FREE Book by T. Harv Eker Now! You can also receive latest profitable trading system and stock picks for free in future. Thanks for visiting!
