End of the day look at the STI

Above is a daily chart of the STI. The outlook for the STI has darkened. The index has fallen below both the 50 and 200-day moving average. It has also dropped below the previous support of 3078. MACD has been on the down trend since mid Apr. The next support level that I can see is 3043. Let us see if this support level holds.

End of day review of STI

Good evening, above is the daily chart of the STI. The STI has been trading in a slightly tightening sideways range since late Apr 2011. Key issues are: End of QEII in Jun 11, signs of a slowdown in US and China's economy and uncertainty over the resolution of Eurozone's debt problem.

Key support now is 3092, major resistance is 3180, minor resistance is 3125. Momentum, shown by MACD is on a down trend, but longer term trend, shown by the 200d moving average is still trending slightly upwards.

end of day look at STI

Above is a daily chart of the STI. The longer term trend of the STI, based on the 200-day moving average, is still up. The mid term trend, based on the 50-day moving is sideways with a slight downward bias, while the momentum, based on the MACD is down but appears to be turning up. The overall picture is mixed, but so far the 200day moving average has proved to be a strong support level. Going forward, the STI will most likely to be going sideways in a volatile manner. Support is at 3100 (the 200day moving average line), initial resistance is at 3130 (the 50day moving average line). Next major resistance level is at 3180.

end of day picture for STI

Above is a daily chart of the STI. Quite a strong performance by the STI today. Overall, the STI appears to have found support on the 200day moving average line and is now heading towards the previous high of 3207. Intermediate support is at the 50day moving average line of about 3130. Momentum is turning up.

a look at the STI

Above is a daily chart of the STI. The overall picture is that the STI is still in a longer term up trend, and what has happened over the past week or so is a correction. Support is at 3078. Today's close above the 50day moving average line is positive. The trend in the short terms appears to be sideways. The uptrend to 3170 looks set if the STI is able to hold above the 3130 level.

end of day picture for STI

Above is a daily chart of the STI. The STI is now trending sideways between 3207 and 3170. The momentum indicator has also turned flat. Trend indicators indicate that both the mid term and longer term trend is up.

end of day picture for STI

Another quiet day today. I guess everyone is waiting for the outcome of the FOMC meeting starting tomorrow. Market action is still weak, with the STI closing just above support at 3171. Momentum has started to turn down, but mid to long term trend is still up. Next support level is 3130.