The Straits Times Index stayed within a narrow range during the week, ending at 2,539, up 11 points week-on-week but below the 50-day moving average at 2,596 and its 100-day moving average at 2,589.

Both moving averages appear poised for a negative cross. This would be ominous, except that volume levels are at a low ebb.

A Bloomberg report said the index jumped, if a 19-point gain one-day move can be considered a jump. On the other hand, the STI did start the month on Aug 3, at 2,484. 

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