Wall St was closed last night on Thanksgiving. Happy Thanksgiving!! Usually, Thanksgiving week, is bullish for equities but definitely not this year. Dow is now below its 12,845 level suggesting that the Dow Theory Sell signal is in. Just becareful. I still believe that a tradable rally is coming but it will probably a rebound in a bigger picture now that the Dow Theory Sell signal is in play.
STI should also find its bottom soon. The 61.8% fibo did not hold either. Possibly giving up all its gains since Aug if the index do not find its feet soon. The low then was 2,962, which is close to its 3,000 psychological support.
KLCI is also looking weak. It is holding just above its 100-day SMA at 1,340. More weakness to follow should this level give way. A wait and see approach is best for now.
The BULL is not dead yet, probably just delayed now that the Dow Theory Sell Signal is in play.
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