19 Sep 2010
SSE
Shanghai index has declined after the central bank announced that they may increase interest rate. You may check out here for more info.
Currently, SSE is resting at its strong support level. If support breaks, we may see further downside.
Dow Jones Index
There's no reversal signal spotted in DOW yet. Thus, uptrend is still intact. However, Dow is trading near its resistance and it's time to be caution.
STI
Last week, STI has managed to break the 2 yrs high record where most of us were anticipating for it to happen.
STI has rallied for the past 3 weeks, no bearish reversal pattern seen yet. Thus, uptrend is still intact.
Banking sector has yet to move, and properties were trading sideway. Will they be the next wave?
STI can be manipulated by the big foreign market. Looking at DOW and Shang hai, we have to be caution in the coming week.
My personal view:
If DOW refuses to break its resistance, I am expecting a pull back or a sideway trading before STI makes a new high. 3036 would be the next support. If not, the psychological support at 3000. Second line stocks or penny stocks may be in play.
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