Market is always right

The market is always right and i can be wrong. The support on the Dow Jones at around 13230 was broken and it closed near the 50% fibbonacci retracement. Strictly speaking, Dow has failed to make a higher high and a higher low already over the past few weeks so i consider us to be in a bearish trend already. Gotta see how Dow performs over the week.

Chartnexus din manage to provide me with the price for the latest closing so i took some initiative and drew on the candlestick for the latest closing for the STI chart. It appeared that there was a gap down on the latest closing so i will be observing how STI will attempt to close up the gap over the subsequent days. If not, STI should find support near 3220 due to a confluence of technical indicators such as the 61.8% fibbonacci retracement and the all-important 200d MA which signifies the direction of the major trend.

With all indices down, it should be pointless to look at any counters now. With the indices down, chances are that most counters will be down too.

Dow Jones Industrial Average Chart:


Straits Times Index Chart: