Today, most Asian and the European markets rallied strongly following gains in U.S. equities overnight after Fed chair Janet Yellen struck a dovish tone in a speech to the Economic Club of New York.
She totally contradicted the four Fed presidents who spoke last week of a sooner than expected rate hike. She also noted the mixed readings on the strength of the U.S. economy since the beginning of the year.
The DJ closed exactly at its resistant line as shown in the chart. It needs to break this resistant line in order to move higher.
Coincidentally, the STI is also near its resistant line. It too need to break this line to go higher.
I will talk more on the market outlook during this Saturday seminars and if you are coming, do bring along some writing material. See you!