Elsewhere, quarterly momentum rebounded to its declining moving average and just short of its equilibrium line, before retreating.
The indicators suggest that the STI may drift progressively lower — with the downwards drift punctuated by tepid rebounds.
Since the index managed to test and rebound from 2,476, the area between 2,476 and the March 3 low of 2,484 is established as a support. Since ADX is flattening, this support level could hold during the week of Sept 21-25.
The declining 50-day and 100-day moving averages are at 2,555 and 2,585, establishing these as resistance levels.
In the US, the S&P 500 Index (SPX) which has been underperforming the Nasdaq Composite since the start of the year, has started to reverse this trend, based on the relative strength comparative indicator. The relative strength comparative measures the SPX’s performance against the Nasdaq. Since the SPX is consolidating after testing new highs, the relative strength comparative suggests that the Nasdaq may ease at a greater clip than the SPX.
