S&P500 (1,252, last week 1,242 or +0.8% w.o.w)
The daily MACD and DMI (+ and -) continues to be under pressure last week and are still in negative hook down. The weekly charts eg MACD has also deteriorated and is also in a negative territory. The index is currently very weak. The index may find support at 1,200 while resistance is at 1,280.
KLSE CI (1,044, last week 1,071 or -2.5% w.ow)
The daily MACD finally succumbed to heavy selling last week and turned negative during the week. The weekly charts continued to be weak. The index is expected to trade between 1,025 and 1,100.
HangSeng (19,353, last week 19,933 or -2.9% w.o.w ).
The daily/weekly indicators are all in the negative cross over. The daily 200 days ema is at 19,800. At this moment, it is unlikely this level will be maintained and as such the next support levels are at 18,500 while resistance is at 20,500 and also at 20,900.
Nikkei 225 (12,215, last week 12,212 or +0.02% w.ow)
The daily/weekly indicators are in the negative territories. It will probably take another week of selling before the market to set a technical rebound again. The support is seen at 11,700 and resistance is at 12,500.
* So will tomorrow eventually be a non-event? The political events that build up to the eve of September 16 are surely "hot" stuff though.
* the markets certainly will be heading south tomorrow(not to mention today) judging the market news for the last 24 hours. Merril Lynch will be swallowed by Bank of America which values ML at USD44b, Lehman Brothers ready to file bankruptcy and AIG requires some bridging loans worth USD40b. Will the firewalls that ring fencing to the rest of the US financial system hold against the engulfing financial contagion. Markets in Japan, HK, China and South Korea are closed for mid-autumn festival today. Sell down will start tomorrow for them! Opps your lanterns are on fire!!
* TheEdge: Deutshce Bank slashes its KLCI year end estimates to 975 points and calling it "Underweight".
No comments:
Post a Comment