All posts and charts are for educational and illustration purposes only
Friday, September 22, 2017
US markets celebrates new high but No Joy In STI
US Markets celebrates new highs but no joy with STI. This week new highs in US markets have been met with a bearish divergence in the STI. In the regional markets STI and the ASX200 display the weakest technical profile. STI has broke below the 50 days MA as well as the lower boundary of the uptrend channel. The uptrend in STI that we saw since Dec 2016 is now in doubt and a break below 3200 will open the door to a downside target of 3150 and 3110 respectively. At the meantime, STI is expected trade within the 3210 , 3225 and 3245 range. This blog will turn bullish on STI only when it breaks above 3250.