Market Outlook (13/03/10) Will S&P achieve new high in next week?

In last week, STI had a solid gain of 61 points from the low of 2820 and close at high of 2881 to mark a bullish white candle with little shadow in the weekly chart. The VOL is normal with only slightly above average but overall the current trend seems bullish.

For the next week, stocks may have a hard time finding strength to continue their rally ahead of the Fed's Tuesday meeting, but the trend for the market is clearly higher. The Fed is not expected to take any action on rates or change the key language about its intentions; however investors will be looking for any nuance in their thinking on the economy or the temporary programs.

Lastly I would like to point out that S & P 500 did NOT managed to broke through the new high of 1150 yesterday night although the investor seems pretty aggressive in trading at high vol.Currently both STI & S & P 500 are just at the tip of their respective important resistance. US market achieving of new high will surely boost the optimism for the STI and guide us to new records as well.

Important resistance of STI: 2900

Immediate Support of STI: 2850 (Gap support)

My sentiment: Although the overall market seems bullish but I would urge investor NOT to buy any stocks at this moment. (Most counters are oversold)

MY TACTIC: Looking to sell and confirm if STI can break new high of 2950 at HIGH VOL to start another round of Bull Run in next week.