Singapore: STI Index (.STI) slightly higher despite US stocks finishing lower overnight ahead of a wave of key earnings reports

Singapore: STI Index (.STI) slightly higher despite US stocks finishing lower overnight ahead of a wave of key earnings reports

Singapore: STI Index (.STI) slightly higher despite US stocks finishing lower overnight ahead of a wave of key earnings reports

Singapore shares edged slightly higher on Tuesday, with the Straits Times Index gaining 0.1 per cent, or 4.19 points to 3,128.64 as at 9.02am. 

This came despite US stocks finishing lower overnight ahead of a wave of key earnings reports, and as markets weighed last week’s limited trade deal between the US and China.

The Dow Jones Industrial Average was down 0.1 per cent to 26,787.36, while the broad-based S&P 500 also shed 0.1 per cent to close at 2,966.15, as did the tech-rich Nasdaq Composite Index, which finished at 8,048.65.

On the Singapore bourse, advancers outnumbered decliners 51 to 36, after about 23.2 million shares worth S$17.4 million changed hands. 

Technical Indicators

Overall, the bias in prices is: Downwards.

By the way, prices are vulnerable to a correction towards 3,158.43.

The projected upper bound is: 3,176.72.

The projected lower bound is: 3,049.82.

The projected closing price is: 3,113.27.

Candlesticks

A black body occurred (because prices closed lower 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 Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 79.9844. This is not an overbought or oversold reading. The last signal was a buy 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 47.13. 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 32 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 48. This is not a topping or bottoming area. The last signal was a buy 6 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 1 period(s) ago.

Rex Takasugi – TD Profile

STRAITS TIMES closed down -8.280 at 3,116.170. Volume was 14% below average (neutral) and Bollinger Bands were 46% narrower than normal.

Open     High      Low     Close     Volume___
3,126.4303,131.0203,112.0403,116.170 185,908,896
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 3,101.41 3,131.88 3,221.88
Volatility: 12 13 12
Volume: 203,615,056 221,385,136 212,040,224

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.

Summary

STRAITS TIMES is currently 3.3% below its 200-period moving average and is in an downward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume out of .STI (mildly bearish). Our trend forecasting oscillators are currently bearish on .STI and have had this outlook for the last 6 periods.

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