Dear all With reference to my market outlook published on National Day (see HERE), both STI and Hang Seng have hit their highs on 10 Aug and 11 Aug respectively before dipping. Based on Table 1 below, S&P500, Hang Seng and STI have fallen 1.8%, 6.1% and 4.0% respectively since my writeup. Table 1: Indices’ performance since my last writeup Source: Ernest’s compilations Amid the recent weakness, you may be wondering whether it is a good time to accumulate on weakness. Before we get to this, let’s take a look at the indices’ charts. S&P500 closed 4,357 Based on Chart 1 below, S&P500 has breached its uptrend line established since Mar 2020. In the short term, S&P500 seems to be on a downtrend as evidenced by its declining 6D, 20D, 50D EMA. However, on a longer perspective, its 200D EMA, 200D SMA are still rising. S&P500 has already hit its first 5% pullback from its recent high this year....