Singapore Exchange: Breaks Medium-term Uptrend

SGX breaks medium-term uptrendline, and also the 200-day MA. This is bearish action. Currently around $8.00 round number, and may offer a back-test of $8.25. Next significant support is coming in at $7.70. As SGX did not break downtrendline since my last post, no long position was taken. For those who did, i trust that stop-loss strategies were used!

S&P500: Trendline Break!

In my last update around 1325, we discussed the possibility of a correction upon hitting the upper trendline. After threatening to break above it, SPX has crash-dived lower and in the process breaking the lower trendline. The degree of this decline is anybody's guess at the moment. Near-term, we have support at 1300 followed by 1275. Expect an oversold bounce to back-test the line, which may provide a shorting opportunity. Also note the location of the 50-day MA.