Straits Times Index (Reached yellowline...short term rebound may be over)
Although the index managed to end midday with a 1.2% gain, the overall volume shrank nearly 33% from yesterday's morning session, with gainers just outpacing losers 182 to 144. The average value per share also slipped slightly to S$0.97 from S$1.02 yesterday, with most sub-indices in the black except for those related to real estate.
But from a technical viewpoint, the inability to convincingly hold above 2300 is a strong signal that market fatigue has set in. The intraday MACD indicator has also turned bearish (despite the relatively strong performance of the index this morning).
Should we see another failed attempt to regain the 2300 level in the afternoon, we may see the index slowly slipping back to 2357 (50-day moving average) and even 2215 (lower Bollinger Band).
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