end of day look at STI

Good evening, attached is a daily chart of the STI. Bad news continue to pour in. The latest being Eurozone GDP growth slowed to 0.2% Quarter on Quarter. That triggered a sell down in the markets. Market is extremely volatile lately, and momentum is still strongly on the downside. Support for the STI appears to be at 2800 while heavy resistance is at 2920.

End of day review of STI

Today was an extremely volatile session, with the STI swinging from a high of 2824 to a low of 2720 before closing at 2796. Even though the bulls managed to push the STI quite significantly off its lows, it still closed below what i would consider to be a psychologically significant 2800 level. Next significant support for the STI is about 2650; the previous low in May 2010.

end of day look at STI

Good evening, above is a daily end of day chart of the STI. The STI has broken a major support at 2920. Next support is 2800. Momentum is still down. Both short term and longer term trends are turning down.

end of day look at STI

The sell of in the equity market was more severe than i expected. The STI dropped more than 100 points today, ending at 2994, which is below a key psychological level of 3000. It has now dropped below the ascending support line. The next major support is at 2920, which is this year's low. Global stock markets are certainly facing strong head winds and i would suggest caution for investors at this point in time.

end of day look at STI

Good evening, i was rather excited when the STI broke out of the triangle pattern on 22 July as i thought it signaled the start of a strong uptrend. But as it turned out, economic numbers show that growth is starting to slow again. More alarmingly, the STI has now fallen back into the triangle pattern again, and it looks like the upper slope of the triangle is acting as resistance, with the bottom slope acting as support. The MACD has turned sharply down, so the near term momentum is down. Longer term trend, as shown by the 200-day moving average, is still up. Initial support is at 3100, next would be 3078. Resistance is at 3130.

end of day picture for STI

Good evening. The stock markets have been rather volatile lately, but for the STI, the key event was its breakout of the triangle on the 22 July. The index is now trending above both the 50 and 200 day moving average, which means that both the medium term and long term trend is up. Resistance is at 3200 (the previous pivot high), and support is at 3150. Companies in the business of commodities, eg Golden Agri, Noble Group, IndoAgri, have been seeing high trading volumes, and you may want to pay attention to them. It looks like GoldenAgri is set to break out of resistance of 0.73.

end of day look at STI

Another quiet day. The STI appears to be making a consolidation after a strong rally from around 3000 points. Mid and longer term trend of the STI, as seen from the 50 and 200-day moving averages. Support is around 3100, resistance is 3160.