Waiting game drives Singapore: STI Index (.STI) down

Waiting game drives Singapore: STI Index (.STI)  down

Waiting game drives Singapore: STI Index (.STI) down

Investors here and across the region went back into their shells yesterday after Tuesday’s gains to await some key data expected out of China today.

The numbers from Beijing include industrial production, retail sales and foreign direct investment levels, which will all throw light on the state of the economy at a time when growth concerns are mounting.

This wait-and-see approach sent the Straits Times Index (STI) down 16.66 points or 0.52 per cent to 3,195.59. The muted session saw trade of 817.48 million shares worth $1.05 billion, with losers outpacing gainers 221 to 176.

Overall, the bias in prices is: Sideways.

The projected upper bound is: 3,262.67.

The projected lower bound is: 3,138.33.

The projected closing price is: 3,200.50.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 25 white candles and 25 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 34.8491. This is not an overbought or oversold reading. The last signal was a buy 8 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 45.03. 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 92 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 -103.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 2 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 sell 11 period(s) ago.

Rex Takasugi – TD Profile

STRAITS TIMES closed up 2.330 at 3,197.920. Volume was 8% above average (neutral) and Bollinger Bands were 26% narrower than normal.

Open High Low Close Volume___
3,188.3603,204.3603,183.6403,197.920 219,074,944

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 3,215.09 3,201.61 3,190.93
Volatility: 11 13 15
Volume: 199,216,816 210,025,664 224,136,192

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 0.2% above its 200-period moving average and is in an downward trend. Volatility is relatively normal 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 9 periods.

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