STI Struggling to stay afloat

It is quite a frustrating day today. To start with I am not following routine today. I am escorting my parents going arround meeting some old friends. While I am not having access to the internet, the index and many stocks went counter trend, one stock actually broke through my support level and trigger a stop loss. Then the worst thing is that this is my second time writing this blog, something happen when I submit the blog the first time round.

So with all the unlucky events on me today, what is the STI doing? It is doing a correction, a little earlier than what I have expected. I was anticipating a round off before it reversed. Anyway it is good since the recent rise was a little too rush.

The down turn has still not cause a turn in many of the indicators that I have used. Only RSI is reversed while Stochastic and MACD is still diverging up ward. I would feel that this week would still be good for the Singapore market.

The resistance still remains at 2,398, 21 days MA and 89 days MA @ 2,470 and 2,484 respectively. I would not consider a bear yet for STI as 21 days vs 89 days is still not as reliable as 55 days vs 89 days. But 21 days is a good indicator as a resistance level at the moment.

My worry is that STI is struggling at the trendline. This is not very good as it is continued to be tested. It is a sign that STI is weak and a reversal may be coming soon. Presently it is lying below the trend resistance of 2,413. If unable to break this trend, we would see a longer south migration.