SGX Weekly Review 090320

There has been many daily reviews and weekly reviews on Dow Jones, NASDAQ, S&P500, SPY, FLX, etc, etc. Just don't find any SGX reviews. So, it's time I do one. Hopefully, someone else will also start to do it.

Looking at the daily chart of FTSE STI, the comments are as follows:

On week ending 090313, we saw a strong rally that propelled the STI advancing more than 10% over the previous week. On week ending 090320, the STI still advancing but at the slower rate. The volume has also diminished slightly but does not seemed significant. MACD showing a little bit of topping sign and we may expect red charts appearing soon even though the signals still moving up. Stochastic reaching overbought on daily basis. I expect the market to further correct itself in the coming week but it does not mean that it will close lower. However, it is highly probable that it will touch 1560. If it close below 1560 for more than 2 consecutive sessions, it could indicate further decline. However, if it bounces up from there and proceed to close above 1600, it could lead to further rally to 1670.