S&P500 (1,255, last week 1,252 or +0.23% w.o.w )
Despite 2 impressive closings(Thursday and Friday) last week, the daily MACD, RSI, Stochastics Indicators and DMI (+ and -) continue to be weak although some form of improvement can be seen.The index went to a recent low of 1,134 during the week. There is a possibility the good closings on the two days indicate a technical rebound after reaching a temporary bottom scenario.The rebound came about as the stochastics and RSI were both at an oversold position. The weekly charts are still in a negative territory. The index needs to continue its uptrend if it wants to push back its daily indicators into the positive region again. The index may find support at 1,210 and 1,185 while resistance is at 1,320.
KLSE CI (1,026, last week 1,044 or -1.7% w.ow)
The daily indicators remained to be weak despite an impressive closing on Friday. During the weak the index went to a recent low of 963. There is a possibility the good closing on Friday indicates a technical rebound after reaching a temporary bottom scenario.The rebound came about as the stochastics and RSI were at an oversold position. The weekly charts continued to be weak. The index needs to work overdrive to turn the daily indicators to positive position. The index is expected to trade between 1,000 and 1,070.
HangSeng (19,328, last week 19,353 or -0.13% w.o.w )
Despite 2 impressive closings (Thursday and Friday) last week, the daily MACD, RSI, Stochastics Indicators and DMI (+ and -) continues to be weak although some form of improvement can be seen. The index went down to a recent low of 16,284 during the week. There is a possibility the good closing on the two days indicate a technical rebound rather than the reaching of a bottom scenario. The rebound came about as the stochastics and RSI were both at an oversold position. The weekly charts are still in a negative territory. The index needs to continue its uptrend if it wants to push back its daily indicators into the positive region again. However, the index may succumb to selling pressure this week/near future as there is a gap to be filled between 17,800 and 18,600 or about 800 points between them. Supports are seen at 18,500 and 17,800 while resistance is at 20,500 and also at 20,900.
Nikkei 225 (11,921, last week 12,215 or -2.41% w.ow)
Despite an impressive close on Friday, the daily/weekly indicators are still in the negative territories. During the week it went down to a recent low of 11,301. As in other markets, there is a possibility the Nikkei is currently in a technical rebound after reaching an oversold position during the mid week. The Index has much work to do in order to have any positive readings in its daily indicators. The support is seen at 11,700 and resistance is at 12,500.
* Bloomberg: Goldman and Morgan Stanley -investment banks have now become banks regulated by the Federal Reserve to widen their sources of funding.
* Say No to short sell if it does not work in your favour....UK, Australia and Taiwan are following the US's footsteps....
* BT: This year has probably the slowest IPO since 1989 for Bursa. So far only 18 companies have been listed compared to 30 targeted.
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