Thursday, a retracement happened in the late morning once STI was just slightly above 50 days MA.( read my Thursday post. ), This ended on Friday at 3318 (support), and ended the day at 3369.On Friday night, we see that both Dow & Nasdaq up by 1%+.Therefore, this coming Monday STI will be going up but whether can STI overcome 50 days MA ( Blue line ) is a question. A retracement will likely to happen again either on Tuesday or Wednesday. At 3415 there is a resistance and at 3322 a neutral point.
To know what likely to happen later in the week we go back to 2006 mid year correction. See below charts. The angles at which the Indexes are going up are very steep. Thus, the support lines are weak.
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