13/6/2011 5PM

SET 1015.53 (-4.84)

The market picked up in the afternoon, following the Hang Seng. The index reached a daily high of 1017.26, pretty much closing the downward gap from the day before (10/6/2011 low was 1017.44). Technically, it didn't completely closed the gap, but it pretty much did. So it turns out that the pattern is not going to be an evening star after all. Looking at the 3 years daily historical data, I could only find two similar events. The first one was September 22nd, 23rd, 24th, 2009. A very similar pattern, but the move before it was a clear uptrend. The result was 2 days of decline afterwards. The next example is from January 26, 27, 28, 2011. This is also followed by a 2 day decline. Let's see how the US does tonight.

Ready for some color in your life?