STI Update

STI made a pivot low on 16 July and it has met a resistance at 3000 level. The market is not out of the woods yet.

STI is still trending downwards. Based on Fibonacci Analysis, the downside objective point is at 2546. There is also support at 2745 level, the low that was established on Jan 08 and Mar 08 respectively.

Dow Update

It was a see-saw trading session on Friday for the US Market. The Dow Industrial Average dropped to a low of 10978 before bouncing to a high of 11239. The Bears attacked the market again bringing the index down to close at 11100.


The index managed to make a higher high and higher low on the 5 minute chart which indicates some strength towards the closed of the session.

The VIX is charging towards the 30 level again, with the indicator hitting a high of 29.44. There are fears in the market again.


The next support for Dow is 10849.