Singapore stocks as with regional stocks markets sank today as China Yuan sank to its lowest level since year 2010. The Straits Times Index went 2.04% south. I am not surprised at the corrections of the Singapore stocks markets since I have already predicted the corrections much earlier on and had shared my forecast of the corrections with readers as follows.
On 29 Jul 2019, I wrote about my noticing that the “gap” between 5-days-moving-average of the Straits Times Index ETF has narrowed with that of the 20-days-moving-average; I had said that a downward cross of the 20-days-moving-average by the 5 -days-moving-average may be the start of going south of the Singapore stocks. You can read more in this “Singapore Stocks: Likely To Go Down Ahead”
Thereafter, on 1 Aug 2019, I shared that the downward trend of Singapore stocks has commenced with the 5-days-moving-average of the STI ETF indeed crossing below the 20-days-moving-average. You can read more in “Singapore Stocks Heading South”
Just earlier today 5 Aug 2019 before Singapore stocks markets open, as if to confirm the downward trend, a very bearish stock candlestick emerged of the STI ETF last week as shared in “Read This Before You Invest In The Next Singapore Stock!” / . I said that the STI will be Oversold soon. Today, at the close of the stocks markets, the Straits Times Index as measured by the STI ETF is indeed Oversold.
Thus if you were to ask me, whether I am surprised to see that the Singapore stocks markets correct today, I am not surprised since I have seen the corrections coming. Even before I noticed that the gap between the moving averages of the STI ETF are narrowing, I have been asking investors to take a break right now to assess the state of the stocks markets https://sgstocksinvesting.com/singapore-stocks-investing-2/ . I also shared how I have been liquidating some cash from my stock portfolio https://sgstocksinvesting.com/what-investors-should-do-now/ in order to enhance a war chest to invest when opportunities present themselves to us investors.
That’s it for my insights today. I Thank you once again for your support of SG STOCKS INVESTING, your Money and Lifestyle magazine! Connect with me here to follow the daily exciting and useful posts on these two blogs, Thank You for your support!
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