Well, US markets continue to climb higher above the 13,800 level. We could see the index retest the 14,000 level again this week. Do not be too bullish right now as the Dow approaches the 14,000 level again. It needs to break the 14,015 with strong volume before we can confirm that the August low was the end of Wave-4. Right now, trade with caution.
STI is expected to retest the 3,688 levels again. A break above the high with strong volume would likely suggest that Wave-5 is in progress. As for the KLCI, it looks a tad weaker. There are lots of resistance ahead - gap resistance at 1,316-1,320 and 1,324-1,332. The 100-day MA at 1,334 also would likely prove to be a critical resistance. A break above the 100-day MA, then I would likely change my negative view on the KLCI. For now, trade cautiously ppl.
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