Stock Market
While we saw that Singapore STI broke the upward trendline which look like a bearish signal to us. Hong Kong Hang Seng Index (HSI) is still trading in the upward bullish channel.
Remember to keep a look out on Hong Kong HSI in the next 2 days for confirmation signal if you are trading on Hong Kong stock exchange.
My last post on 31 May showed that Singapore Straits Time Index (STI) enjoyed a bull run so far. STI upward bull run was cooled off last week with a pennant like consolidation pattern. Finally, STI dived 2.61% downward and the upward trendline was broken today.
I was looking at Dow Jones hitting the 200d moving average (MA) resistance. Indeed, the index was stopped right at the 200d MA resistance and a doji was formed. This suggests Bearish Correction is Coming!
Apple has scheduled to make some big announcement next week. Maybe some update on the next generation iPhone, or maybe some update to the possible netbook, or its Mac OS Snow Leopard.
At this junction, let’s look at the analysis of Apple now!
I posted yesterday Dow Jones will be resisted by the 200d MA. Indeed, you can see that the high of Dow Jones hit on the 200d MA and closed lower. Again, this demonstrate the power of technical analysis as it helped us to know where is the possible ceiling to take profit.
Dow Jones opened higher at the start of the week with a big cheer to the market to move higher. Dow Jones now broke the resistance of the consolidation phase and this may suggest to have one more round of bull run again.
However, a tough 200d moving average is just around the corner!
General Motors finally file for Chapter 11 Bankruptcy. General Motors’s bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company.
However, interestingly, Dow Jones is gaining big news while this news is annouced.
While Dow Jones dived to near 2002 low in March, Singapore and Hong Kong markets was the only markets that did not fall to 2002 low level. These 2 markets also followed Dow Jones to rebound and enjoy a nearly 3 months of bull markets so far.
Do you think this bull uptrend market will continue on Singapore & Hong Kong markets?
Let’s look at Singapore Straits Time Index & Hong Kong Hang Seng Index today.
