The chart pattern doesn’t look very good at this stage. The Straits Times Index fell 86 points during the week, breaking below the confluence of the 50- and 100-day moving averages at 3,507 to 3,510.
Quarterly momentum has made a simultaneous break below its equilibrium line. Immediate support is at current levels near the 200-day moving average at 3,423.
STI weekly chartThe weekly chart shows a gradual downturn by annual momentum, with its own weighted moving average turning down a well.
This suggests that the main uptrend is probably over. A break below the 200-day moving average may indicate a move to the early April low of 3,338.
