A technical rebound might be on the way

Quite lotsa stuff to post. Haven seen anything like this quite some time already. I was looking at my charts and i saw a lot of counters positioning ready for a rebound with all the technical signs in place.

Looking at the Dow Jones chart, it formed a doji on it's previous closing and add to that another hammer on the 2nd previous closing. Furthermore, the doji and the hammer were formed at the crucial support of 13230, which is also the fibbonacci retracement of 38.2% level. From this confluence of technical indicators, there is a high probability that Dow Jones will rebound off this support unless something drastic like 911 happen. BUT i consider the Dow to be trading sideway now so unless it breaks the resistance of 13700, any rebound is likely to be short-lived.

Dow Jones Industrial Average Chart :


Moving on to the STI, it failed to close above the 1.5 years old trendline, forming hanging mans on 2 previous occasion. However, a hanging man should be ideally confirmed by a bearish candlestick and a gap down so i am taking this with a pinch of salt. But the appearance of the hanging mans suggest there is some weakness since i consider the failure of being unable to close above the trendline being very significant. The closing above the trendline mainly depends on how the Dow Jones will perform in subsequent days.

Straits Times Index Chart:


It is almost queer that those charts that i made from counters that were inside the top volume list a few months ago are now reappearing back in the top volume list nowadays. Since i believe STI is likely to rebound, i spotted a few charts from the property sectors with all their technical indicators suggesting a rebound. It's mainly from the property sector cos the property sector is very hot now with a lot of speculators. Well that's wat i saw on Channelnewsasia but it does not really matter since price action precede news and whatever news there is out there will be reflected in the charts. I notice the hotels sector is showing some divergence too but that will be for another post.

Basically for the charts below, all their technical indicators are showing bullish divergence already. What is left for them now is to break their nearest resistance.

SuntecReit Chart:


CapitaMall: