Categories
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.

Categories
S&P500

S&P500 ($SPX) : Not out of the woods yet!

 

Despite the fairly good run for the last few days, $SPX is still not out of the woods yet.

1. On the Ichimoku Chart, we can see that the price level is now in between the Tenkan sen and Kijun sen.

2. There is no bullish confirmation from the Tenkan sen and Kijun sen; no Tenkan sen – Kijun sen cross.

3. The price level is still below the kumo.

4. Looking ahead, we can see that resistance can be fairly strong from the leading kumo given its thickness.

I expect $SPX to retrace for a week. It should be supported at 1260 first.

A consolidation within this range will give it the necessary strength to power ahead till year end.

 

Note:

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Categories
S&P500

S&P500 ($SPX): Ichimoku confirms bearish cross

 

Ichimoku chart just confirms that the $SPX has a bearish cross.

Kumo support is expected to be around 1309.