22.2.13

S&P 500 & STI Index ETF Stock Market Outlook 21/2/2013

After the 1% decline yesterday, S&P 500 continued its downtrend for today... see chart below:

I believe a Correction is coming after the paltry daily gains chalked up since the start of 2013.
Based on the two green lines, I would set my Short-Sell profit target @ 1450 to 1460 and possible duration that it would take is probably 1 - 2 months.

Let's look at STI.


STI seemingly also breached through the support @ 3300 with HUGE volume (you can see from the highlighted blue circle).

It would be wise to avoid buying any stocks as the whole market sentiment is poor right now. I advise accumulation of battered stocks after the correction during May where the adage "Sell in May & go away" strikes again. :)

5 comments:

  1. where do you put your SL for the S&P 500? 1535? Thanks

    ReplyDelete
    Replies
    1. Yeah, just above the Previous High..

      Cheers,
      James

      Delete
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