Downside Is 90% Confirmed…. STI Must Stay Above 2892 For Today….
Good Morning Readers,
Undeniable facts, Euro is coming down while the Dollar Index rose. US Crude hit a high above US$101 and now is back to US$98.40s. US Consumer Confidence came in below expectati0n. US Home Prices fell short as compared to the previous month.
Yesterday, we saw the STI closed at the Day High on last 20mins ‘selective buying’ on certain Blue Chips.
With all the above, it fits perfectly into our system to warn us that a 200-300pts correction move by the Dow is just around the corner.
We have been warning traders since last week that the STI is likely to see further profit taking on the recent favourites like ie. Noble, Cosco, YZJ, Olam etc. Local Banks price actions are showing signs of exhaustion too. And yesterday we witnessed 21/30 Top Active counters were pennies and trading very actively, exceeding their average daily volume by huge %.
All these are typical signs of danger and seriously, any savvy trader should know that it is time to bill out from the market and sit on the fence for the next correctional move.
We are looking at the US S&P to hit 1270 by next Monday or Tuesday. It closed at 1308 last night.
STI Support will be at 2892 today. It closed at 2906.
Euro may hit 1.2880 this week. Now trading at 1.3090.
US Crude may test US$95.80 by next Tuesday. Now trading at US$98.45
Caveat emptor.
Kelvin Han
V3Go Chief Trainer
Read more: Did You Trade