Late weekend review

I been busy with my academic stuff for this week so i din post on sat night. Besides that i do tink that i am blogging too much for the sake of blogging so from this point onwards, i am only going to post if i think that it is necessary. Blogging has been a way to show myself that technical analysis works and to keep track and make a record of my forecasts. I will definitely still post regularly but not so much for the sake of blogging anymore.

Nothing much to say about the Dow Jones. It's been doing well in my opinion. There is a chance that it may form a hanging man but this has to be confirmed on the next closing. Otherwise i am seeing it as a successful testing of the 50d EMA. The sentiment of the market is reflected in the charts so i must say it seems to me people are generally optimistic about the coming release of news in a few days time going by how the charts look. Main thing to watch will be the resistance level of around 13700.

Dow Jones Industrial Average Chart:


Following the breakout of the wedge formation, STI is still trending higher. There is some weakness in the STI given the formation of a shooting star on the latest closing. Otherwise, i am just gonna repeat what i been saying and that is higher index action not confirmed by increasing volume thus one should stay cautious.

Straits Times Index Chart:


On a personal note, i do notice that a lot of breakouts of resistance are not breaking out successfully on the list of counters i am monitoring. Maybe this is a consequence of volume not confirming index action in the STI.