This was further reinforced by the downtick in the RSI, which suggests that buying momentum would continue to ease over the next few days. However, lingering selling pressure may drag the index lower, and it could retest the immediate support at 1,541 and psychological level of 1,500 in the near term.
See MoreHowever, it does not mean the medium-term bullish trend is over, as the current weakness can be seen as a correction rather than a reversal. With the index sliding, trading volumes are also getting thinner, indicating weaker selling pressure. As such, we expect the index to resume its uptrend once the current consolidation ends.
See MoreDespite yesterday’s positive closing, our outlook remains neutral for the short term as we expect further consolidation. Nevertheless, the recent gain may give investors an opportunity to seek short-term swing trading in potential stocks.
See MoreAt the close in NYSE, the DJIA fell 0.36%, while the S&P 500 index declined 0.53%, and the NASDAQ Composite index declined 0.98%. Falling stocks outnumbered advancing ones on the NYSE by 1,996 to 1,015 and 115 ended unchanged; on the NASDAQ Stock Exchange, 2,331 fell and 865 advanced, while 110 ended unchanged.
See MoreAt the close in NYSE, the DJIA rose 0.48% to hit a new all time high, while the S&P 500 index climbed 0.36%, and the NASDAQ Composite index climbed 0.10%. Rising stocks outnumbered declining ones on the NYSE by 1,674 to 1,377 and 99 ended unchanged; on the NASDAQ Stock Exchange, 1,755 fell and 1,423 advanced, while 111 ended unchanged
See MoreAt the close in NYSE, DJIA added 0.90% to hit a new all time high, while the S&P 500 index gained 1.11%, and the NASDAQ Composite index climbed 1.31%. Rising stocks outnumbered declining ones on the NYSE by 1,890 to 1,169 and 89 ended unchanged; on the NASDAQ Stock Exchange, 1,673 fell and 1,521 advanced, while 93 ended unchanged
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