Dear readers, last week, the global stock markets including Singapore stocks markets had a sell-off due to the fears over Omicron. The global stocks markets have since stabilised with Dow Jones, S&P 500 and NASDAQ heading north yesterday. So, what is next for the Singapore stocks markets? Will the Singapore stock markets continue to go south?
Based on RSI, the Straits Times Index (STI) is now oversold. If we take a look at the STI, the previous few times the STI was also oversold, was in Aug 2021, May 2021 and also just on the verge of oversold in Feb 2021 and further back in Nov 2020. Hence, it seems from the aforementioned trend, the STI was oversold every three months. In the above scenarios, when the STI became oversold, it rebounded back but there is no guarantee that this time round, the STI will rebound back.
This is because this time round, unlike the previous times where the STI was also oversold, the STI has broken below a pivotal long-term moving average: the 200-days moving average and this move is a very bearish move for the STI as I will elaborate more in a later post.
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