Market Comments (DJI / HSI / STI) For Week of 18 Mar 13

DJI  15 Mar 13 Daily

HSI 15 Mar 13 Daily

STI_15 Mar 13 Daily

Dow Jones has meet the resistance of 14,450 – 14,500. You may see that in the resitance zone, there are 2 doji and 1 red candle formed. At last, you are looking at some indecision of the bulls and bears after 7 straight days of making new high. Though the CCI is coming down, the MACD has yet to cross. That’s why you can’t rely on indicators alone to make a decision. Based on market forces, the DJI has met with a resistance. To confirm a reversal, you will need to wait to see the development of candles to ensure that there is a turnaround. But I can say that the Index is indeed weaken. To what extend? Well that depends on when the maket maker / big boys showhand and take profit. The day is near.

Hang Seng was badly depresssed and need a rebound desperately. It made a good attempted on 8 Mar 13 but was halted by some factors. Hence, the new resitance is its previous high of 23,270. It is currently at its support of 22,521. Though showing bullish divergence, I would say the HSI is still pretty weak and make go down further to support of 22,185.

STI is still moving sideway. Bounded by resistance of 3,320 and support of 3,230. Bearish divergance has developed and it would be good for the index to correct,probably together with the DJI. After all, the Index has been raising since mid Nov 2012. The diretion of STI can only be known when it either break the resistance of 3,320 or support of 3,230 in the immediately term.
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