Dow closed at 7062 on Friday, down 119 points. The index has fallen through the bottom set in Nov 08.
STI is also following a similar pattern. It is now at 1594 points. It looks likely that the index will go below the low of 1473 set on 28 Oct 08.
The phase chart is showing continuing weakness. The index is still in “bearish” territory. It did go above its 50 day moving average for a while however the momentum could not be sustained. Singapore market, being an export dependent economy, will need other countries especially US and China to recover first before our own market can climb out of the doldrums.
STI is also following a similar pattern. It is now at 1594 points. It looks likely that the index will go below the low of 1473 set on 28 Oct 08.
The phase chart is showing continuing weakness. The index is still in “bearish” territory. It did go above its 50 day moving average for a while however the momentum could not be sustained. Singapore market, being an export dependent economy, will need other countries especially US and China to recover first before our own market can climb out of the doldrums.
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