Weekend review of DJIA and STI

Actually there isn't much of a review to do for this week cos next week is the decisive week for the next subsequent trend. The earning report season which accounted for the rally last week is almost over. There will be subsequent US economic data being released along with the Fed meeting and that will be the deciding factor.

Well as a lot of technicians like to say, all news will be reflected in the chart. For the chart of the Dow Jones, it closed just below the resistive trendline last friday. There isn't much valuable information for me to gleam from the chart. Current trend is the market is showing indecisiveness since it has formed higher lows and a lower highs and that coincide with the news that the market should be waiting for next week before deciding on the trend.

Dow Jones Industrial Average:


The same goes for the Straits Times Index. Currently it is resting on a support level created by the previous two gap up. It seemed to rebound off the resistance at around 3150 but nothing is pivotal at this point of time. Let's see how the trend will be confirmed next week and we will be riding a trend hopefully soon.

Straits Times Index: