The 2746 level (bold pink line) is critical for this market. Corresponding chart-point for Simsci is 335.3.- Trade below in Aug08 => "sub-prime" crash to 1455 low.
- Rally since Mar09 taken us to 2947 high. We have since failed to hold above the pink pivot line and re-entered below. Now at 2690. Have to regard this as a failed break (although strictly speaking we need to wait till Feb10 month end to confirm).
- Monthly : Candles say SELL. Bearish engulfing pattern.
- Weekly : Previous congestion zone between 2600-2700 might provide temporary support.
- Absent better technical chart points, use Fibonacci targets [38:50:62]=[2377:2201:2025].
05 February 2010
Singapore FT-STI : Failure at the Maginot Line
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