While we are celebrating the Chinese New Year and the mood is high, it is exactly opposite in the stock market.
1. The STI close down at 3,027 for the week and reaching its physiological level of 3,000. If it go below 3,000, it will be paving the way for more down side. Generally, the STI is still below its long term 'Green trend line'. The 10weeks MA is trending down together with the 40weeks MA. This implies that the STI is still bearish and will likely to trend down further.
2. For the coming week ahead:
1st Support: 3,000
2nd Support: 2,950
