Weekend review of market

First chart on this post goes to the Dow Jones Industrial Average. Currently it's supported on the previous resistance of around 14036. RSI is showing bearish divergence while MACD seems to be showing it too.

Dow Jones Industrial Average Chart:


Next on my list will be the Hang Seng Index. STI seems to be volatile these days and HSI seems to affect intra day movement on quite a lot of occasions. I added in the weekly chart cos i believe this will contribute to the forecast of any major movement and thus a better analysis can be performed. On the daily chart, both RSI and the MACD histogram are showing bearish divergence. For the weekly chart, we can see that HSI is supported on the trendline though the weekly RSI is showing bearish divergence too.

Hang Seng Index Weekly Chart:


Hang Seng Index Daily Chart:


On the daily chart, STI seems to be supported on the resistive trendline. But it rebounded off the resistance for the RSI technical indicator. On the weekly chart, it seems to reveal more things. STI formed a doji this week and by candlestick charting, it is suggesting that a top may have been reached. MACD and RSI are spotted having bearish divergences too.

Straits Times Index Weekly Chart:


Straits Times Index Daily Chart:


It is obvious from the charts of those indices that a lot of bearish divergences are spotted. Divergences are not signals that we must act upon immediately but they give warning signs. We shall see how true this will turn out to be. I am still waiting patiently for the bearish divergences to disappear and the increasing index to be confirmed by increasing volume. The market is volatile now with movement of 1%++ up or down in any single trading day so i am getting wary.

However, my hands are getting itchy. I feel that the marine stocks are creeping silently upwards. This can be seen in the TSC sector index and a few of the marine stocks in my list of charts. Here's one for reference.

ASL Marine formed a dark cloud cover candlestick on a previous resistance on low volume. This suggest that this stock should trend sideway or downwards. But this candlestick was formed on a low volume suggesting there may be some upside. All 3 technical indicators are showing convergence with the price action. Things will be good if it breaks it's prior resistance with high volume.

ASL Marine Chart: