STI Approaching 2780 Resistance

Good morning all. Sorry for my absence in the morning. Okie, currently STI up 22pts at 2761.

The major resistance i'm lookin at is 2780, ehich is its 200dma.



As for long candidate, I'm lookin at:

HL asia: a lot of room to upside. Gap Resistance 3.78
Jaya resistance 0.67

These will be short term rebounce trade.

Today's Trading Idea

Today is the last trading day of the week as tomorrow market close for holiday, fo Singapore market. And Next Monday is US holiday, market close.

many counters set up for bullish reversal, but I'd rather suspect if it can work out. Few counters I'm watching for today to the upside:

1st resources
Midas
Sembcorp
Sembmar
SPH
China XLX
Cosco

Good News, Bad News

The closing at Singapore market was weird, absolutely rare to see. The stocks moved vigorously in last minutes matching.

Stocks moved up in matching:

Genting
Sembcorp
UOL

Stocks sell-off in matching:

Banyatree
OCBC
Kepcorp
Parkway
ST engg

Interesting Bullish Reversal Set Up

It has been quite some time to see my SPY call work out great like last night. It swing from as low as -2 to +10c, the total profit is 2.1 in just less than one hours 30mins. My position closed when I was sleeping. It's great.

SPX formed a classical bottom tail hammer at major support level.




As for Singapore market, below are the long candidates under my radar today:

Olam
UOB
Citydev
Cosco
Genting
Kepcorp
Sembmar

Europe's Crisis Dogging the Selling

Market still fears about the Europe's credit crisis.

The one day up with nice bullish reversal candle pattern and with the following day's steep loss, erased all excitement previous day. Much like a one-night stand, often you will be hurted deeply. It's a dangerous game.

As for immediate support and resistance, I'm watchin STI for below levels:
S: 2675
R: 2750



Have a nice day!

Watch 2775

Market set for a rebounce,--after massive sell off to its major support 2675 level. the first level to watch is 2775. I have seen many long tails hammer candles at their support level.



Any Long trade will be count-trend and short term. I'm watching below counters:

CDL Htrust
Swiber
Sembcorp
Sembmar
Noble

Market Down Turn Confirmed

As major market indices crossed 200dma yesterday.

Few Notable Charts

F&N: Promising to move down further


StraitsAsia breakout its H&S pattern, target S1: 1.6, S2: 1.18


Allgreen: at its multi-months support:


YZJ: break its trendline, 1.24 is the key support level to watchout

Red Flag For Bulls

Straits Times hit its 200dma with a big, long black bar. What does it tell me is this: a break below this level means further downside on the way. I have seen many counters -- the big ones, blew away their support in past three days.

Here is my words: A rebounce from here offer us opportunity to exit our long positions. Any long candidates mentioned from now on will be extremly short term and counter trend play. Upside is capped at 2888, while I'm watching the long term trendline show in below pic as the last straw for bulls.

Bulls Look Hardly Fight Back Soon

The bears smell getting stronger and stronger... the bulls seem not heading up any time soon. The 20dma just had a bearish crossover.

As for now, STI overhead resistance is 2847, the support is 2780. There are more room for it to move downside.

Broadway

Broadway still in a nice uptrend isn't?

SIA Engg

SIA engg looks a good long candidate to me still. Entry point will after it break its major resistance 3.74.

Genting Singapore

Genting going pretty well as what I predicted few post back as a perfect double bottom formation.

Now it presents me long opportunity again, at its resistance turn support level 96.5c--its neckline too. A chart like this one is too nice to believe? let see how does it work out.

Stewart On Fat Finger

Daily Show Full Episodes

Caution On The Long Side

Resistance and overhead supply levels are still in play.

US benchmark SPX had its first reversal day, after hitting the 50dma resistance, and above it the 20dma is turning downward.



and similar pattern goes to Straits Times Index, the overhead resistance is hit at 2900, my bias is to downside unless it can break above 2900 level.

A big Wow to ThinkEnv

Broadway

Broadway has been trending up steadily and nicely.

Stay Alert To Bears

STI was unable to break the resistance 2888 yesterday and came down 22.81 points, the odds now is at bears camp. This is a turbulent market, stay alert to bears and be nimble on your position.



US market is at resistance too. Will see wether it can break it, or else the bias is to downside.

Genting Double Bottom?

I think Genting is forming a nice double bottom, the key point to confirm this is to see whether it can break its neckline 96.5c.

Does Yesterday's Up Change Everything?

The STI stopped its dramatical drop and reversed up yesterday, driven by the news of EU set up the rescue fund to protect the EUR. Does this change everything? Maybe or may not.But One thing we can do is to prepare. and Mr. market will tell us where he heading to.

STI back to its overhead resistance level at 2888. If it were continue go up today, then next level is 2945, a break above the downtrend line(red color) will give us clearer sign of bulls. On the other hand, if it stopped at 2888 or 2945 and reverse down again, we are looking for the long term trend line for support( green color line below), around 2790.

The Properties

Properties are really disappointed many sad hearts for past one month trading, the down and down and down again as affected by China gvt property policy seem non-stop.

But it may not be the end of the world, as at last fridsay, I have seen properties sector is the only sector up.

US market:
Last Thursday's Drop is really wild,due to system glitch as said. Whatever reason, it really does not matter. We are way down a lot, if it slap back to the upside, I'm looking at to which level it might be shoot up. It's 1152. Currently it's sitting above its 200dma 1095, a major support. And if the situation looks bad by most of traders-- a break down this support 1095 will trigger massive selling pressure.



okie, I'm run out of time at this moment before market open for singapore market, a quick note here( I need to solve the problem and try to post early, give me some time)

STI hit gap support last friday and bounced back to upside. If it were continue rebound, the target level is 2888. Anything I will be talking to the upside will be short term-- probably it would run up to 2888 and stall.

Crash

The error trade in US market happened last night sent Dow Jones down as much as 1000points.



Straits Times Index plunged down over 60pts in the early morning and quickly recovered, it's down 22 pts as i'm writing now.(1203pm)

The gap support between 2792 to 2820 was filled, and STI has been supporting at this level.

Real Time STI chart

US market continue slip, with the "fear factor" VIX shoot up to as high as 27.23--its highest since Feb 2010, in two weeks time.

The greece and other few EU countries debt crisis seem not that easy to be ending soon. SPX the next support is 1150, RSI and Stochastic is downwarding approaching to oversold level, look still bearish with no sign of immediate turn up yet at this moment.



As for STI, it jumped down over its congested area straightaway yesterday, to its 100dma level. I'm thinking is it going to fill the 2820-2792 gap? Anyway, the indicators are in oversold region now indicator oversold technically.



It's not the end of world, or the situation become very bad, I'm still eyeing for upside opportunities. Counters such as YZJ hit its support and rebounded pretty well yesterday. I'm lookin at these kinda of stocks which at their major support for a rebounce.

What Do The Charts of SPX and STI in Common?

US market plummet last night with SPX down 29pts (-2.38%)at 1174, Dow down 225 pts (-2.02%) at 10927. The deepest drop over last three months.

SPX currently is at its 50dma support 1168, it either stop here and rebound, or continue sdrop to the next major support at 1150.



As for STI, it dropped to its 50dma too, and into its prior major congested area between 2936 to 2886, which it could provide support to STI.

SIA Engg

Market Update

STI now down 25.4 pts at 2918.82. market turned to bearish. with many counters break down their support. STI next support is 2907.

What's the Picture Now?

Straits Times retraced to its support as I said in previous post--2940 level. I have seen many stocks are "over-sold" to their support level, and set for a rebounce:

Ezra: at 200dma suppt 2.02
Trump Dragon: rebounding from major trend line 0.76
Capitaland: 3.65 support
UOB: at 20.2


Noble Grp: 3.0 suppt
Straitsasia: 2.0 support

Market Update

US market:

Dow Jones has ended it eight weeks consecutive up last week with the whole week down195.67-- a black candle, at its 61.8% fibonacci retracement level.


SPX too ended with a black candle.


As for STI, it was resisted at its 61.8% fibonacci retracement too, and this level is also confluence with its 20dma resistance. The market looks to the bearish side,indicators such as MACD, Stochastic indicator bearishness too. To the downside, the first support level we shall watch out is 2940, a break below this level would possible lead STI down further. For the upside, 3000 level is the immediate resistance to watch out.