Singapore market was closed for holiday on Friday and did not bear the brunt of the global selling. Its impact will be felt on Monday on market open for business.
The technical charts are still showing a positive picture.
There is a high chance that the MACD indicator will move below its signal line in the coming week which will change the technical picture.
A look at the KST weekly indicator for STI showed a bearish crossover on 12 Oct 09.
If the index moves below 2600 then it will be very bearish. The last time the KST weekly indicator made a bearish crossover was on 28 July 2008. And the index dropped from a high of 2912 to 1473 before it made a bullish crossover again. Let’s see if the market is able to fend off a bear attack.
4 comments:
STI is safe for now. Uptrend still intact.
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Forexyard
http://dyuemall.com/abc123
Good blog, keep it up!!!
MARKET TODAY
Key benchmark indices were set to open a cautious start ahead of the outcome of two day Federal Reserve meeting ended today. High inflation and high fiscal deficit remained a major concern for policymakers. Meanwhile, the Bombay Stock Exchange (BSE) yesterday said it will advance trading hours by 10 minutes from 18 December 2009. Trading in the equity and equity derivatives segment will commence from 9:45 onwards, instead of the present timing of 9:55.
According to data released by the NSE, in the last session, FIIs were sellers of index futures to the tune of Rs 695.18 crore and sold index options worth Rs 159.41 crore. They were net sellers of stock futures to the tune of Rs 225.9 crore and sold stock options worth Rs 0.12 crore.
More details http://www.16anna.com
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