Quarterly momentum remains intact, but this appear to be lagging. Annual momentum is struggling. If the index is unable to get back to the upper boundary of its sideways range by the end of next week, annual momentum could turn down.
For now, the continuation pattern remains intact. The lower boundary has been established at 3,341 and the upper boundary at 3,449. A break below the lower boundary could also result in a simultaneous break below the 100-day moving average.
DBS Group Holdings ($24.72) short term downturn
While the main uptrend remains intact, short term indicators have clearly weakened. Stochastics has turned down, and 21-day RSI is falling. The strong trending phase is over as evidenced by the downturn of ADX from record highs as the DIs move from positive to neutral.
Quarterly momentum continues on an uptrend but annual momentum is struggling and appears poised or a downturn. It looks like the largest gains are over for the time being. Support is initially at the minor breakdown level of $24.05, and resistance has been established at $25.35.
