Singapore stocks have been having a good run ever since Jun 2019 with the five-days moving average rallying higher and higher. It has been a sustained rally for Singapore stocks. However, looking at the technical charts of the STI ETF, it seems that in recent sessions, the momentum of the rallying of the five-days moving average has been slowing. So much so that the moving average has been and is now plateauing at a resistance.
What is noticeable and significant from the technical stocks chart is that the gap between the 5-days moving average and the 20-days moving average has been narrowing so much so that the two moving averages seem to be almost equal. A downward cross of the 20-days moving average by the 5-days moving average will be bearish for the Singapore stocks and it may be the start of a going south of Singapore stocks as a whole.
As a recap, Singapore STI now is at 3,363.76 which to me is a level that does not correlate with the broader vagaries in the macro economy.
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