The Straits Times Index rose 29 points week-on-week to end at 3,212 on March 24. The STI is up more than 100 points since its intra-day low of 3,094 on March 14. The index had been higher, at an intra-day high of 3,228. At this level, the STI actually managed to regain its 200-day moving average, but only for a day. At its close on March 24, the index is marginally below its 200-day moving average which is at 3,215.

In addition, a couple of negative signals have occurred. Short term indicators have approached their equilibrium line which could provide resistance, and the 50- and 100-day moving averages may make a negative cross.

Yields on 10-year US Treasuries continue to fall, and are at 3.34%, and below their 200-day moving average.

Yields on 10-year Singapore Government Securities ended the week of Mar 20-24 at 3.85%. The low for the year was 3.79%.

These lower risk-free rates may stymie the decline in equity markets. As at March 23, the VIX stood at 24, marginally lower than its close on March 17.

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