12/03 - 16/03

Dow Jones

Dow Jones has breakdown the upward sloping trendline but it wasn't a strong signal because this trendline can be easily broken.
There's strong profit taking on Tues which resulted in long black candlestick - for the first time DJI retreated 1% for the year.

Currently DJ is trading within the long black candlestick. A break up/break down will determine its direction.
DJ now is  bearish in my view as the top has been formed - not able to break 13k psychological level.
And it have some profit-taking ytd late night after hitting the resistance and forming the a small shooting star.

Conclusion is that bearish signals are showing, not just 1 but a few, thus the chances of Dow jones to fall is higher.
Note: if DJI turns lower from here, it will have short-term lower high formed. And watch for lower low, if it is formed, it could mean tat short to mid term trend has turned.

STI

Have been observing STI very closely esp on Friday. Weakness is seen in the intraday charts.
Bearish signals:
1) Closed at its low on Friday, below its 20MA.
2) Shooting star is observed with avg vol, watch on Monday for confirmation.
3) Lower high, lower low trend has been seen which means that short to mid term the trend is bearish.
4) Downward sloping resistance showing. (Green line)


NOL

NOL is forming a symmetrical triangle shown with the purple lines. A breakup/breakdown will confirms its direction.

Breakup target: 1.515

Breakdown target : 1.265

For now I'm bearish biased because personally I feel that market is about time to have some correction. We can't be expecting the market to continue rising in one straight line.

But to support my biased views , I have signals that are telling me it is bearish not plain guessing.