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Wednesday, 29 November 2017

Singapore Straits Times Index: What to expect next?

Singapore Straits Times Index: What to expect next? 
29 November 2017, Wednesday, 12.21pm Singapore Time
(Click on Technical Chart Above to Expand)

Attached is the technicals for the Singapore Straits Times Index. The green zones are my live forewarnings in 1H-2016 and 2H-2016 to get back into the financial markets cautioning before prices move that the sell-off would be about to end (amidst widespread bearish conviction among the herd). The light green zone is the break-up per my forewarnings. The purple arrows are series of major waves that markets made right after my bullish forewarnings. The pink zones are international financial markets' show of intentions in 2H-2017 to absorb all breakdowns and carry on positive momentum.

Now comes the more important points and the look-ahead. The Singapore markets deliberately over-rallied to break up the turquoise coloured classical band of support at 3274-3360 points just before market-dampening news of increment in tax rates and increment in GST tax rates came out. This ensures that once the market-negative tax news is out now, markets will have no chance of breaking down critical supports; instead it will have the chance to use these bearish tax news to retrace and confirm long term bull market supports (yellow zone).  The movement is for re-accumulation and adding of positions using bearish news (while public would be pessimistic) and not for selling. This intention had already been confirmed by where the orange arrow is pointing. 

On macro-technical conclusion, we will start 2018 at lower points with respect to November-December 2017 price-action points. In doing so, this ensures that all supports are back-tested and long term bull markets are double confirmed at higher points by the time markets open the new year 2018 at the retraced yellow zones. Once the new year 2018 starts, a new wall of worries would had already been erected for the weak-minded traders and investors, and quite a handful of market investors would be shaken out again. This is good. This will henceforth set the launchpad for Straits Times Index beyond 4000-4500 points. US financial Sector (refer to previous analysis of the SPDR Financial Select Sector) will continue to provide north-bound fuel for worldwide stocks and equities markets. 

Reference to Previous Analysis of the SPDR Financial Select Sector:

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