Hi there. It has been about a month since my last update. The outlook based on STI's daily chart is not so good. Signs of trouble came when the MACD started to fall at about 11 May 09. However, a few days later, it managed to gap up and prety much stayed above the 2223 level since then. The negative signs are firstly, the down trend of the MACD, secondly, the index is below the moving average of it Bollinger Band and thirdly, the slope of the moving average is flattening. One plus point is that the STI managed to bounce off support at 2223. I think it would be best to stay aside for now and see where the STI goes during the following week. If it manages to turn around and to close above its moving average, that would be good. If the MACD turns around and cuts the blue line on its way up, even better; that would be the signal that the uptrend has resumed.
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