Most likely unless it is a fake breakout, void if it later falls back below tat resistance line.

For it to go higher, on breakout, it must subsequently either form a higher high n high low or re-test tat line as a support. 

Techs drag on stock market

Wall Street struggles as investors gear up for the first big wave of quarterly results from S&P 500 companies

Monday: Broker Charles Schwab (SCHW, Fortune 500), trucker CSX (CSX, Fortune 500) and chipmaker Novellus Systems (NVLS) are all on the calendar, but the companies' results don't usually impact the broad market.

Tuesday: Before the start of trading, Goldman Sachs (GS, Fortune 500) is expected to report a profit of $3.48 per share, versus $3.44 per share a year ago, according to a consensus of analysts surveyed by Thomson Reuters. Dow component Johnson & Johnson (JNJ, Fortune 500) is expected to report a profit of $1.11 per share versus $1.18 per share a year ago.

Intel (INTC, Fortune 500) reports after the close. The chipmaker is expected to have earned 7 cents per share, versus 28 cents a year earlier.

Wednesday: Airline AMR (AMR, Fortune 500) and chipmaker Xilinx (XLNX) are on the docket, but neither typically influence the direction of trading.

Thursday: JPMorgan Chase (JPM, Fortune 500) is expected to report a profit of 4 cents per share versus 54 cents a year ago.

After the close, Google (GOOG, Fortune 500) is expected to report a profit of $5.05 per share versus $4.63 a year ago. IBM (IBM, Fortune 500), a Dow component, is expected to say it earned $2.02 per share versus $1.98 a year ago.

Friday: Bank of America (BAC, Fortune 500) and Citigroup (C, Fortune 500) report results before the bell. Dow stock BofA is expected to have earned 24 cents versus 72 cents a year ago. Citigroup is expected to have lost 26 cents per share after losing 49 cents a year ago.

General Electric (GE, Fortune 500) also releases results in the morning. The Dow component is expected to have earned 23 cents per share versus 54 cents a year ago.

Monday: The June Treasury budget is due in the afternoon, although it's not usually a market mover.

Tuesday: June retail sales are expected to have risen 0.5%, according to a consensus of economists surveyed by Briefing.com. That would match May sales, which the Commerce Department said bumped 0.5% higher.

Retail sales including volatile autos are also expected to have edged up 0.5% in June, after rising the same amount in May. Sales excluding food and energy

The producer price index (PPI), a measure of wholesale inflation, is expected to have jumped 0.8% after rising 0.2% in May. So-called core PPI, which strips out volatile food and energy prices, is expected to have risen 0.1% after falling 0.1%. The Labor Department report is due before the start of trading.

The May business inventories report is also due in the morning although it doesn't tend to be a market mover.

Wednesday: The consumer price index (CPI), which measures consumer inflation, is expected to have risen 0.6% in June after gaining 0.1% in May. So-called core CPI, which strips out volatile food and energy prices, is expected to have edged up 0.1% after carving out a slim 0.1% gain in May. The Labor Department report is due in the morning.

Also due Wednesday morning: the Empire manufacturing survey, a regional read on manufacturing; reports on industrial production and capacity utilization; and the government's weekly oil inventories report. In the afternoon, the minutes from the last Federal Reserve policy meeting are due.

Thursday: The Philadelphia Fed index, a regional reading on manufacturing, is expected to have fallen to a negative 5 in July from a negative 2.2 in June. Any reading that is negative shows weakness in the sector.

Also due in the morning: RealtyTrac's report on foreclosure filings in the first half of the year and the weekly jobless claims report from the Labor Department.

Friday: June housing starts are due in the morning from the Census Bureau. Starts are expected to have dipped to a 530,000 unit annual rate from a 532,000 unit annual rate in May.

Building permits, a measure of builder confidence, is expected to have risen to a 523,000 unit annual rate in June from a 518,000 unit annual rate in May. 

As per my chart below, STI must not break below 2240 on closing today, otherwise confirmed H&S.

If break above upper sloping resistance line at 2330, H&S void n confirm bullish contracting triangle pattern.

My TA chart is posted to share n exchange pointers with those TA practitioner whom believes in TA.
 
If u are a TA detractor, plse just ignore n refrain from peeping at my chart posting n start

making unconstructive comments.

This is just my view, I may be right or wrong, so dyodd

richtan      ( Date: 12-Jul-2009 16:47) Posted: The bullish continuation pattern I m referring to in the chart below, is "contracting triangle pattern". Do a google search on "contracting triangle pattern" n u will understand wat I mean. richtan      ( Date: 10-Jul-2009 14:24) Posted: Below is my chart analysis of STI for sharing and exchange pointers. I maybe wrong or right, so dyodd

hmm..okok..so i should hold my loading gun now...

thanks buddy..

The bullish continuation pattern I m referring to in the chart below, is "contracting triangle pattern".

Do a google search on "contracting triangle pattern" n u will understand wat I mean.

richtan      ( Date: 10-Jul-2009 14:24) Posted: Below is my chart analysis of STI for sharing and exchange pointers. I maybe wrong or right, so dyodd

Hi rachael,

Thanks for welcoming me back n it is my pleasure to share, hope one day I can also learn from u,

Still testing waters, but if jaws/pests surfaced n I still get taunted or flame, I will still have to ignore it n no choice

but to withdraw into my cocoon again as I have to abide by admin's reminder not to reply to such taunt/flame.

rachael      ( Date: 10-Jul-2009 15:32) Posted: Hello Richtan, Welcome back!! and thanks for your guidance at Straits asia counter.