Dow crashes on its 20th anniversary of Black Monday. Dow fell 2.6% of 366pts while the broader S&P500 fell almost 40pts. This reversal would likely be swift and maybe 'sharp'. Be prepared for more downside on Monday. On worse case scenario, (If this is wave 2) then it could fall another 1,400 pts back to the Aug low. On the best case scenario, the correction is over (Dow has fallen to its 38.2% Fibonacci retracement) but this is the least likely scenario. How far more, we may have to wait and see.. So refrain from buying just yet... the time will come to buy but not now!!
STI should continue to consolidate after breaking below its 3,780 support. 3500-3550 should be the next strong support. KLCI should also open 20pts lower as suggested by FKLI Futures.. KLCi support is at 1,335, its 100-day SMA. Refrain from buying now!!!
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