Long Term Weekly Trend:
From the weekly charts it seems that stochastic is oversold. any move above this region and we might have a revival in USD trends.
The recent down trend have mad investors cautious, but stochastic is still at overbought region. it could remain overbought for some time, but at this juncture we could be in for a correction that would take us to the 26 week or 50 week ema.
Ditto for emerging markets although we could have a breakthrough in a long term formation where the 26 week and 50 week moving average cuts from below.
Long term trend looks up.
STI ETF is hovering around the 2.60 region which is on the 22 day moving average. My feel is that stochastic is not low enough to warrant any entries so a retest of the 50day ma could be on the cards.
This would be the kind of correction bulls are looking for to add on based on intermediate trend.
The spy seem to hit a plateau. Stochastic and MACD looks to be heading down. The decision here will be whether MACD histogram stage a rebound and not head down, which i believe might be the likely scenario in this strong uptrend.
In that case look to start some intermediate position. However should it correct, which it likely will we could be looking at high 97 region (2% down) or 95 region (4%) down.
EEM is interesting5 in that stochastic is already falling. If consolidation continues to take place we should see it test the $33.5 region (5.7% down) that would be a good entry point for anyone wanting to get into this bull market rally.
Summary: consolidation taking place in general equities.
- Singapore Savings Bonds SSB January 2024 Yield Plunges to 3.07% (SBJAN24 GX24010F) - December 1, 2023
- New 6-Month Singapore T-Bill Yield in Early-December 2023 Should be Slightly Higher at 3.85% (for the Singaporean Savers) - November 30, 2023
- Have the World or Emerging Market Healthcare Stocks Outperform the World and EM Index? - November 26, 2023