One may want to be aware of yesterday's intraday reversal. The intraday reversal occurred as the SET opened with a gap up at 1602.13, just above the key resistance of 1602. After an initial run up to 1610.78, or the 52-week high, sellers stepped in and took control of the market.

The SET closed down for the day at 1588.31, just above the intraday low of 1588.04. Notably, the index closed below the 1591 technical support. The algorithm traders did a good job by not turning the candlestick into a bearish Shooting Star.

For the next several trading days, one should pay close attention to whether this intraday reversal turns into the bearish trend reversal, meaning a close below 1562, so manage risks accordingly. Again, it is important that the SET breaks out of the 1602 head resistance to avoid the formation of a bearish “Triple Top Reversal” chart pattern. 

The headline risks this week are the U.S. Federal Reserve meeting on Tuesday and Wednesday and a Q4 U.S. GDP, to be reported on Friday. So, tighten your seatbelts!