Singapore: STI Index (.STI) mostly higher despite worrying signs that this week’s trade negotiations
In contrast with Wall Street, Asian equities were mostly higher despite worrying signs that this week’s trade negotiations between the US and China have hit some pre-talk speed bumps.
Singapore’s Straits Times Index (STI) closed at 3,110.85, adding 11.37 points or 0.4 per cent on Tuesday.
Elsewhere in the Asia-Pacific, Australia, China, Hong Kong, Japan and South Korea all posted gains. Malaysia ended flat.
Markets in China and Hong Kong, which returned from the holidays on Tuesday, were given an additional boost after September’s services sector data for China grew at its slowest pace in seven months, boosting hopes that Beijing will roll out more fiscal stimulus measures.
Regional equities may have been positive but it is worth pointing out that reports on Monday suggested Beijing was not interested in a broad-based deal with Washington, preferring to narrow the scope of discussion to issues it wishes to resolve.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 3,161.85.
The projected upper bound is: 3,171.67.
The projected lower bound is: 3,039.92.
The projected closing price is: 3,105.79.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 34.5553. This is not an overbought or oversold reading. The last signal was a buy 1 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 43.92. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 27 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -38. This is not a topping or bottoming area. The last signal was a buy 1 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 10 period(s) ago.
Rex Takasugi – TD Profile
STRAITS TIMES closed up 11.370 at 3,110.850. Volume was 5% above average (neutral) and Bollinger Bands were 19% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 3,112.34 3,152.21 3,220.23
Volatility: 12 13 12
Volume: 196,600,656 223,921,856 210,368,368
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
STRAITS TIMES is currently 3.4% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of .STI at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on .STI and have had this outlook for the last 1 periods.