2718 is the level to watch for today’s STI while Hang Seng must maintain above 19360
Posted by admin in Commodities, Forex Analysis, Futures Pick, Market Analysis, Stock PickGood Morning,
Dow sold off in the last hour of trading, to close at 3months low as worries about the global economic outlook overshadowed a bigger-than-expected rise in existing home sales.
The Dow Jones industrial average (INDU) lost 126 points, or 1.2%, closing at its lowest point since Feb. 2. The S&P 500 index (SPX) declined 14 points, or 1.3%. The Nasdaq composite (COMP) lost 15 points, or 0.7%.
The housing market report marked a positive start to a busy week for economic news. Investors are looking for evidence that the U.S. economy is holding up despite the turmoil abroad. More housing reports are due later in the week. Readings are also due on durable goods orders, personal income and spending, and consumer sentiment.
Nonetheless, the positive report was countered by continued worries about the European debt crisis. The euro slumped, erasing last week’s gains, following reports that Spain’s central bank took over a long-established regional savings bank.
For today, we expect most markets if not all, to open lower as compared to yesterday’s closing but we are looking at STI, TWI and HK to recover from the opening, based on our V3Go Indicators.
STI must stay above opening price of today and above 2718. As long as the both items meets our criteria, we should be looking to pick some recent battered down stocks especially the CPO stocks as we suspect there could be some big movement on them soon. More details in awhile. The STI closed at 2723.
Hang Seng Future must stay above 19360 today. It closed 19548 yesterday. As long as the market stay above the support level, I am still expecting the market to re-test 19800s level this week.
We are looking at the US Crude to head for a big movement very soon, based on our V3Go Cluster formation pattern. The million dollar question is which direction. Our bet will be UP. The support level should be around US$69 while the potential upside is around US$72 first with a longer target of US$76. It closed at US$70 last night.
May everyone have a great trading day ahead!
Cheers!
Kelvin Han
aka Trend Master
V3Go Originator
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