Weekend review of DJIA and STI

I been busy with my school work so I have not been updated my blog for the past week which i apologize for that. For the past week, the piece of important news that came out was that the Fed will pump in money and that cause the Dow Jones to register it's highest gain in 5 years. On hindsight, i should have shorted the rally since following the rally, an inverted hammer was formed on the trendline following the breach of support for the descending triangle and i failed to see that on my chart.

Currently, DJIA is being resisted by a minor resistive trendline and this was done with heavy volume. DJIA is now in the middle of a major support level and a major resistive trendline. My trading strategy still remains the same as my previous post; short at major resistance or breach of support.

Dow Jones Industrial Average:


For the Straits Times Index, the chart is quite similar to that of the Dow Jones so I am not going to comment much on it.

Straits Times Index:


The next date to look forward to will be the Fed meeting which is on the 18th of March or rather, this coming tuesday. We shall see what happens next but I am beginning to have doubts of the ability of the Fed meeting to swing the market up and down since the market is getting relatively immune to it.