Happy Chinese New Year! How is your Rooster Year so far?
S&P500 and STI reached near, or at my near-term resistances. What’s next?
Just to recap what I have mentioned on 13 Jan 2017 (see HERE), I wrote “It is clear that S&P500 continues to on an uptrend amid rising EMAs. S&P500 closed at 2,275 on 13 Jan 2017. Since 8 Dec 2016, S&P500 has been consolidating between 2,238 – 2,278 and it seems to be staging an upside breakout. A sustained break above 2,278 / below 2,238 points to an eventual measured technical target 2,318 / 2,198 respectively. One area of concern is the bearish divergences shown in the indicators, such as RSI, MACD and MFI etc. Although these signals are not outright sell signals, I am cautious especially given the limited potential upside say 2,325 vs 2,275, i.e. 40 points only.”…