S&P500 (1,298, last week 1,260 or +3% w.o.w)
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The daily charts; especially the MACD continues to improve during last week. The daily DMI(+ and -) are still in an early positive crossover. The index has managed to stay around 1,298 to maintain in the 2nd level uptrend channel line mentioned weeks ago. The weekly charts has improved but awaiting positive crossover. The index is likely to trade between 1,260 and 1,330. Incidentally, the 1,330 is the index’s 200 day-ema.
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The daily charts; especially the MACD continues to improve during last week. The daily DMI(+ and -) are still in an early positive crossover. The index has managed to stay around 1,298 to maintain in the 2nd level uptrend channel line mentioned weeks ago. The weekly charts has improved but awaiting positive crossover. The index is likely to trade between 1,260 and 1,330. Incidentally, the 1,330 is the index’s 200 day-ema.
KLSE CI (1,095, last week 1,120 or -2.2% w.ow)
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The daily MACD has turned negative during the week after another round of selling. The DMI (+ and -) continued to move away from each other indicating weaknesses. The weekly charts have also worsened. There is a possibility of technical rebound this week as it is nearing its July low 1,089. It is advisable to sell into this rebound. The index has fallen into bearish mode again with the strong 1,120 (ie 200-day ema) broken convincingly. The index is expected to trade between 1,050 and 1,150.
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HangSeng (21,161, last week 21,885 or -3.3% w.o.w )
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Similar with KLCI, the daily MACD for Hang Seng has turned negative during the week after another round of selling. The DMI (+ and -) continued to move away from each other indicating weaknesses. The weekly charts have also worsened. There is a possibility of technical rebound this week as it is nearing its July low 20,998. It is advisable to sell into this rebound. The index has fallen into bearish mode again. Immediate support is at 20,500 while resistance at 22,000.
Nikkei 225 (13,019, last week 13,168 or –1.1% w.ow)
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The daily MACD chart is still positive but at a very crucial level of breaking down while DMI(+ and -) continued to break away negatively from each other during last week. The weekly MACD is also at the crucial stage of hooking down but still managed to stay afloat for now. The weekly MACD has been on a positive crossover since April this year. The index is expected to trade between 12,500 to 13,500 The index face major resistance at 13,300.
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* International Herald Tribune: Standard Chartered Bank and RBS plan to set up Islamic banking subsidiaries in Malaysia. Malaysia has 12 full fledged Islamic Banks. As at last year it had sharia-compliant assets worth RM157b or about 12.8% of total banking system.
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The daily MACD has turned negative during the week after another round of selling. The DMI (+ and -) continued to move away from each other indicating weaknesses. The weekly charts have also worsened. There is a possibility of technical rebound this week as it is nearing its July low 1,089. It is advisable to sell into this rebound. The index has fallen into bearish mode again with the strong 1,120 (ie 200-day ema) broken convincingly. The index is expected to trade between 1,050 and 1,150.
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HangSeng (21,161, last week 21,885 or -3.3% w.o.w )
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Similar with KLCI, the daily MACD for Hang Seng has turned negative during the week after another round of selling. The DMI (+ and -) continued to move away from each other indicating weaknesses. The weekly charts have also worsened. There is a possibility of technical rebound this week as it is nearing its July low 20,998. It is advisable to sell into this rebound. The index has fallen into bearish mode again. Immediate support is at 20,500 while resistance at 22,000.
Nikkei 225 (13,019, last week 13,168 or –1.1% w.ow)
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The daily MACD chart is still positive but at a very crucial level of breaking down while DMI(+ and -) continued to break away negatively from each other during last week. The weekly MACD is also at the crucial stage of hooking down but still managed to stay afloat for now. The weekly MACD has been on a positive crossover since April this year. The index is expected to trade between 12,500 to 13,500 The index face major resistance at 13,300.
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* International Herald Tribune: Standard Chartered Bank and RBS plan to set up Islamic banking subsidiaries in Malaysia. Malaysia has 12 full fledged Islamic Banks. As at last year it had sharia-compliant assets worth RM157b or about 12.8% of total banking system.
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* The Standard: The Shanghai Composite Index dropped more than 3% today due to selling of coal producers stocks after a hike in the coal export tax and by a drain of funds into China South Locomotive and Railway Stock Corp as the firm got listed.
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* No RM1m but RM300k-Lee Chong Wei. Congratulations...for giving your best effort!
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