Uptrend is Still Intact, Short Term Profit Taking Expected

Our STI looks stronger as compare to US indices, it forming a big upward channel, we are now at the upper channel. Profit taking is expected in short term.


Dow Jones chart still a nice uptrend, a simple way to look at is: look at the four MAs stacked nicely from 20,50 and 100 to 200MAs.


The market benchmark SPX is under some downward pressure now, it was resisted by 50% Fib retracement. The tinted area is the immediate support area I'm looking at.