STI closed 2 points lower for the day. The highs for today is the same as the high for yesterday. The STI Bulls did not manage to break above it.
With S&P closing 13 points higher, it will be an opportune time for STI Bulls to challenge the 2,880 level today. STI closed 10 points higher on Tuesday as the STI BULLs managed to climb from the low of 2832 to close at 2,860.
STI had a 17 points gap down to start the index near 2,830 level. Rally came immediately after the gap down to move the index by 28 points within 3 hours. At Midday (12pm), STI is at 2857.
STI closed 7 points lower to 2,849. With S&P closing lower, STI BULLs will have to start defending 2,830 level again.
STI closed 10 points higher to 2,856. DOW Jones Closed 130 points lower at 18,261.
The “no rate hike” news seems to have no effect on STI. The STI Bulls tricked all the retail players with a gap up followed by a sell down.
With no rate hike and the S&P 500 closed 23 points higher, the STI Bulls can take this opportunity to challenge the 2,880 today.
With S&P not rally in the last 2 days, STI Bulls keep charging higher and the last closing is at 2,854 (+2). The closing of 2,854 is well above the support level of 2,830. It is good for the BULLs to stay above this support level so that they can challenge the 2,880 level again. Do note of the last 30 mins charge up for the past 2 days.
The STI BULLs staged a strong 24 poits rally in the 2nd half of the day to close the index at 2,852. This is a good show of strength. The US market (S&P 500) did not manage to get any gains in the last trading session (Monday). Expect some profit taking in STI today with the flat US market and the start of the FED meeting tonight.
STI climbed to a high of 2,842 after crossing 2,830 at 9.30am before selling off to 2,831 at Midday. The support level is now 2,830. Closing above this level will give the BULLs an extra edge.