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After the bad jobs report last Friday, the chance of an interest rate increase has gone down, and this is interpreted as a bullish sign for equities, as seen in the strong BOUNCE in the last 2 days, as well as today.
There is a good chance the STI will try to test the 3,000 level again, after a false breakout from its previous hybrid of a flag pattern and triangle pattern, giving rise to an expanding triangle pattern.
In addition, we also have some good news on the confirmation of the Trans-Pacific Partnership Trade deal with 11 pacific nations.
It is best to wait a while for the dust to settle, and see if the downtrend continues. For existing positions, don’t forget to manage your SL carefully. Good luck!