Weekly Wrap

Finally, after five weeks of black candle, market rebounded this week. Probability of market rebound in the cards for coming week(s).

The US three indexes closed green. DJI and SPX have formed a nice bullish candlestick on their weekly chart respectively. Markets are set for a rebounce in coming week.

The badly sell-off Asian markets come to a breath as well. STI formed a bullish reversal candle too, following HSI and SSE's rebound in the week.

For Singapore market, continue focusing on index stocks such as the trio banks and Singtel, SGX.

STI Falling Into Bear's Prey

STI closed at 2873 today. It dropped more than 20% in previous two days but managed to pull off up a bit by now. By definition, a loss of 20% over a period at least two months will be considered as bear market. Loss of 20% for STI is below 2839 level.

I decided to update on STI as to answer a reader's enquiry as well. In below weekly chart (though this week is incomplete). 

It looks to me there is no bottom yet, immediate support level to monitor will be weekly low of 2808, no signs of bullish reversal yet, further downside if broken. 2700-2600 cluster at the end of 2011 should provide major support. 

Weekly Wrap

It's a week of BLOODY HEAVY sell-off across whole world, from US, Europe to Asia.  Long time never seen. Yet it seems it's not going to end yet.  All major indexes have broken their key support level decisively. Bears are in absolutely charge.

HSI already overshot its multi-year support level, closed below its multi-year end close.
STI loss the least with 4.6% down for the week, immediate support and multi-year low is at 2950.
It look the down fall is just begin for the US three indexes, after key support level broken this week.

First Resources Rebounded from Major Support Level

First Resources rebounded from its major support level 1.78, formed a bullish reversal candlestick on daily chart, with high volume.

Weekly Wrap

For the week, US three major indexes rebounded a bit from its range trading bottom. So they are still zig-zag within a trading range.

The exciting markets are in Asia, SSE rebounded 5.9% this week to tested 4000 level, just close beneath it at 3965 points.

HSI is continue on its losing steak, 4th week in a row. Major support is at 23300-23600, no sign of reversal yet on its weekly chart below.

What's selling off really hard is dear STI, which lost the most this week, down 2.3%. It broke down 3190-3167 support level. Trading below its multi-year close. The selling looks "no-reason" other than the Chinese RMB devaluation or weak Singapore GDP but it seems "over-reacted" as compare to other markets. The weekly candles looks bearish with no signs of rebound, it probably needs to take some time for it to recover from the hard sell-off.

Singapore banks selling off hard this round, will be focusing on the blue chips for rebound.

Weekly Wrap

It's a shortened week for Singapore as we are celebrating SG50 long holiday.

For the week, SSE rebounded 4.9% close at 3928.42, formed a bullish reversal candlestick on weekly chart.

STI closed just above major support level 3190-3167, poised for a rebounce in coming week.

The DJI and SPX is at trading range bottom, may get a bounce here. The major indexes have been trading in the range for long time.

HSI formed a small weekly doji at its ascending trend line. Poised for a bounce in coming week.

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STI Trading Near Its Major Support

5/8 Wed, Stockwatch

STI formed a bullish reversal candlestick on its daily chart, accompanied with high vol and major support 3167( see my latest weekly wrap). It's expected STI will get a lift in coming days. But one thing to note the trading vol in coming days maybe thin due to public holidays on Friday and next Mon.

Stocks poised for rebound:

Biosensor
Cordlife
Singtel
Yanlord
GLP

Weekly Wrap

For the week, US three major indexes lifted a little up. SPX and DJI rebounded from trading range bottom. Nasdaq uptrend is well intact.

Over in Asia, the three major indexes SSE, HSI and STI under heavy selling especially for STI and and SSE.

STI had its biggest fall 4.5% since Yr2011. It hit its major uptrend line since yr 2011, major support is at 3190-3167 area. It's expected there is a technical rebound in coming week, after this week's bloody sell off.

Shanghai SSE resumed its sell mode after three weeks rebounce. Market may test its recent low around 3415 level then rebound.

HSI fell below 25000 level and hit its major uptrend line as shown in below chart. Expected a rebound in coming week.