Singapore: STI Index (.STI) slightly higher as markets in the region had mixed showings
Wall Street posted a record performance on Wednesday on expectations that weak economic data would lead to further interest rate cuts in the United States, but the effect was limited here.
The Straits Times Index (STI) finished 4.45 points or 0.1 per cent higher at 3,372.25, while markets in the region had mixed showings.
Australia, Japan and South Korea closed higher, but China, Hong Kong and Malaysia fell.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 3,271.33.
The projected upper bound is: 3,445.03.
The projected lower bound is: 3,300.22.
The projected closing price is: 3,372.63.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 34 white candles and 15 black candles for a net of 19 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 90.0246. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 6 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 73.33. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 8 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 119.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 7 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 buy 20 period(s) ago.
Rex Takasugi – TD Profile
STRAITS TIMES closed up 4.450 at 3,372.250. Volume was 18% below average (neutral) and Bollinger Bands were 49% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 3,337.18 3,257.06 3,187.91
Volatility: 10 14 15
Volume: 243,337,136 214,448,080 213,855,744
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 5.8% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect very strong flows of volume into .STI (bullish). Our trend forecasting oscillators are currently bullish on .STI and have had this outlook for the last 12 periods. Our momentum oscillator is currently indicating that .STI is currently in an overbought condition.