Hang Seng Index Showing Sign of Reversal?

After falling below the support at bottom trend line on 15 Aug 08, HSI has made a small rebounce and closed at 21,056 on yesterday.

Currently there is a strong resistance at 21,337 (20d EMA) and 21,460 (the previous bottom trend line). Although MACD is showing potential positive divergence but we need to know not all divergence will succeed. In order for the divergence to be a positive one, it need to clear the resistance at 20d EMA and 50d EMA (which coincide with the top trend line) as well.

If the resistance at 21,460 cannot be cleared, next support will be at 20,000.

Straits Times Index Breaking its Support at 2746.

STI has closed at 2728 breaking its support at 2746.

Next support level will be at 2665 follow by 2500 which is one of the main support. All indicators are still in bearish region, from daily chart to monthly chart.

Dow Jones Breaking Short Term Bottom Trend Line

DJI closed at 11348, breaking the short term bottom trend line.

It has touches its support at 11260 before closing at 11348. If this support fail, next major support will be at around 11000 follow by 10732.

The overall long term bottom trend line is currently at 10000.

Straits Times Index to fall from bottom trend line?

STI closed at 2816 on yesterday. With DJI falling more than 1%, STI is likely to follow. There a very good chance of it falling below its support (current bottom trend line) at around 2810. Next support will be at 2800 follow by 2746.

Straits Times Index at its Bottom Trendline

STI closed on the bottom trendline at 2807. Current resistance at around 2900, 2950 follow by 3000. Next support will be at around 2750.

With DJI moving up 302.98 points, Singapore market will likely to open with a gap up on Monday.

Dow Jones Index continues with its short term uptrend

DJI moved up 302.89, breaking its resistance at 50dEMA and closed at 11,734.3. It is currently continuing its short term uptrend with the next resistance at 11820. Once 11820 is cleared, next resistance will be around 12000 follow by 12340.

Current support is at around 11,400 which is the bottom trendline.

Dow Jones Index Breaking Short Term Top Trend Line

Dow Jones Index has continued with its short term uptrend and closed at 11615.

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It has found its support again at its short term bottom trend line and continue to move up breaking the short term top trend line at around 11555. Next resistance will be at 11695 follow by 11820. Breaking 11820 will see a confirmation on reversal base on chart pattern.

With MACD crossing the centerline, it is an indication of change of trend....a short term up trend. Since it has just crossed over, it is better to fall back to chart pattern for confirmation. But generally, chart looks good for short term.