Dear readers, as of 11 Mar 2021, Singapore stocks as measured by the Straits Times Index (STI) are currently overbought based on the RSI. As of 11 Mar 2021, the Straits Times is at 3,095.22, slightly above the 3,000 level. I have shared with readers many times that this 3,000 level is likely to be a resistance for now. And given the STI is now overbought, I believe stock markets corrections are on the card.
As of 11 Mar 2021, the Price-to-Earnings (PE) ratio of the STI ETF (ES3.SI) is at 18.21. The STI ETF tracks the STI. At such a PE ratio, I would think that not only is the Straits Times Index overbought technically, it is also fundamentally expensive.
Technically and fundamentally, Singapore stocks are ready for a correction next! Are you prepared?
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