Asian shares were choppy Wednesday as early optimism driven by Wall Street's surge gave way to caution as U.S. stock futures fell and Moody's Investors Services downgraded Japan's sovereign debt rating.
Dismal U.S. economic reports Tuesday spurred hopes Federal Reserve Chairman Ben Bernanke will announce fresh steps Friday to stimulate the economy, which helped boost U.S. stocks. Still, there's a growing view that the central bank chief won't deliver on market expectations.
Local sentiment initially traded with hopes as Dow Jones surged more than 300 points overnight but enthusiasm followed regional trend gradually receded again. The Intra-day Oscillator slid to finish at -634.36; lost 690.03 when compares with its starting point. The Average recorded a loss of 263.35.
At the end of the day, %K(yellow) of MSCD recorded as -365.37 (+18.54), %D(red) -414.60 (+12.10) and the Histogram -7.26 (+14.12).
Both indicators edged slightly higher and the Histogram almost finished its round bottoming process with a shorter negative bar.
Conclusion
Market sentiment was flip-flopping with regional trend in low volume today. The scenario will continue until investors in the leading markets make up their decisions on whether to throw in or pull back more money from the equities markets. We are only the followers. Mean while, any stimulus from the authority will not make significant waves.
FBMKLCI has found its temporary support around 1,468 but all related indicators signal a downside bias. The same conclusion goes to the other two indexes, FBMSCAP and FBMACE.
(Morning Flash: Dow Jones jumped up 143 points last night)
Dismal U.S. economic reports Tuesday spurred hopes Federal Reserve Chairman Ben Bernanke will announce fresh steps Friday to stimulate the economy, which helped boost U.S. stocks. Still, there's a growing view that the central bank chief won't deliver on market expectations.
Local sentiment initially traded with hopes as Dow Jones surged more than 300 points overnight but enthusiasm followed regional trend gradually receded again. The Intra-day Oscillator slid to finish at -634.36; lost 690.03 when compares with its starting point. The Average recorded a loss of 263.35.
At the end of the day, %K(yellow) of MSCD recorded as -365.37 (+18.54), %D(red) -414.60 (+12.10) and the Histogram -7.26 (+14.12).
Both indicators edged slightly higher and the Histogram almost finished its round bottoming process with a shorter negative bar.
Conclusion
Market sentiment was flip-flopping with regional trend in low volume today. The scenario will continue until investors in the leading markets make up their decisions on whether to throw in or pull back more money from the equities markets. We are only the followers. Mean while, any stimulus from the authority will not make significant waves.
FBMKLCI has found its temporary support around 1,468 but all related indicators signal a downside bias. The same conclusion goes to the other two indexes, FBMSCAP and FBMACE. (Morning Flash: Dow Jones jumped up 143 points last night)
Constructed and Written by Smartbiz (Chart of FBMKLCI extracted by ChartNexus)
(Note: You can read the explanation for Intra-Day MSO and MSCD from the achieves under heading "Labels" at the lower portion of the sidebar.)
No comments:
Post a Comment