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STI

Straits Times Index (STI) . Long term trend still bearish.

Like the broader market, STI has rallied since the beginning of the year.

However, unlike S&P500 (or /ES), STI has already turn and seems to hit resistance.

From the Ichimoku Daily Chart, we can see how it has dipped below the Tenkan sen. And the Tenkan sen is starting to turn downwards; suggesting that the bearish move is coming soon.

On the Weekly Chart, we can see how the top of STI is at where the kumo resistance is.

2918 is the support level on the Daily Chart. A break below this will confirm that the trend on the Daily Chart has ended.