STI 05/08/2009 - update

Previous post for STI is here.

STI is trending in a steep uptrend channel. As mentioned previously, I see an ascending scallop being formed. If 2700 turns out to be a short term high, we might see some pullback, possibly towards the upper purple trend line before moving higher. On the other hand, if price continues moving higher resistance should be around 2725, 2775.