The FBMKLCI continued to form lower highs and lower lows yesterday, given the lack of domestic catalysts.

This is further reinforced by the downtick in the RSI, which suggests buying momentum would continue to ease over the next few days.

Based on the chart, the FBMKLCI traded in a tight range of 1,532-1,537 yesterday, suggesting investors remaining cautious.

We believe the index would trade sideways in the near term.

The FBMKLCI continued to form lower highs and lower lows to close at 1,537.12 yesterday.

This is supported by negative readings in the DMI and a downtick in the RSI. With the extended profit-taking, we may see a further correction.

US stocks were higher after the close on Wednesday, as gains in the Oil & Gas, Technology and Telecoms sectors led shares higher.

At the close in NYSE, the DJIA rose 0.40%, while the S&P 500 index added 0.47%, and the NASDAQ Composite index added 0.87%.

US stocks were mixed after the close on Tuesday, as gains in the Utilities, Consumer Services and Basic Materials sectors led shares higher while losses in the Oil & Gas, Financials and Industrials sectors led shares lower.

At the close in NYSE, the DJIA lost 0.56%, while the S&P 500 index lost 0.29%, and the NASDAQ Composite index climbed 0.02%.

US market closed for public holiday.