Straits Times Index (3,442, daily)
Although the Straits Times Index rose 15 points during the week, technical indicators continue to deteriorate. The 200-day moving averae is at 3,375, and the index whipsawed the moving average on Apr 3 before regaining the moving average the following session.

In the meantime, the 50-day moving average has turned down, and the 100-day moving average is in the process of turning down. Quarterly momentum has broken below its equilibrium line. ADX continues to rise as the DIs stay negatively placed.

STI with short-term indicators
Short-term indicators appear poised for a rebound. The 21-day RSI has rebounded off an oversold low and in the process established a positive divergence with the index. Short-term stochastics is at the low end of its range and it too is about to rebound.

These indicators should provide short term underpinnings for the STI and trigger a temporary rebound. Any rebound is unlikely to get much beyond the breakdown level of 3,491 in the near term.

The move below 3,491 indicated an initial downside of 3,340, which coincides with the Feb low. Annual momentum and smoothed annual momentum have both turned down, indicating that the 2016-2018 upcycle is probably over.