Asian shares fell sharply on Monday, while the euro skidded to multi-week lows against the U.S. dollar after Friday’s grim U.S. jobs report heightened concerns of a recession in the world’s largest economy. Cyclical and growth sensitive stocks fell across the region, while the safe-haven Swiss franc and gold pushed higher as investors worried that the U.S. is leading a global economic slowdown.
Local sentiment followed regional trend turned weaker with the Intra-day Oscillator stayed in the red to finish at -450.86; lost 216.88 when compares with its starting point. The Average recorded a loss of 358.30.
At the end of the day, %K(yellow) of MSCD recorded as -231.19 (-23.10), %D(red) -328.33 (-2.40) and the Histogram +49.19 (+11.90).
Both indicators hooked slightly down but stayed above the resistance line. The Histogram printed a longer bar above the zero level.
Conclusion
In view that both indicators remain above the resistance line and the Histogram printed ascending bars above zero level, market sentiment though choppy but is in an initial recovery stage. Selling pressure will be absorbed by buyer in low volume.
FBMKLCI remains weak as it was curbed by the 12EMA. But ACE counters were seen accumulating strength to break through the stalemate.
(Morning Flash: Dow Jones closed for Labor Day last night)
Local sentiment followed regional trend turned weaker with the Intra-day Oscillator stayed in the red to finish at -450.86; lost 216.88 when compares with its starting point. The Average recorded a loss of 358.30.
At the end of the day, %K(yellow) of MSCD recorded as -231.19 (-23.10), %D(red) -328.33 (-2.40) and the Histogram +49.19 (+11.90). Both indicators hooked slightly down but stayed above the resistance line. The Histogram printed a longer bar above the zero level.
Conclusion
In view that both indicators remain above the resistance line and the Histogram printed ascending bars above zero level, market sentiment though choppy but is in an initial recovery stage. Selling pressure will be absorbed by buyer in low volume.
FBMKLCI remains weak as it was curbed by the 12EMA. But ACE counters were seen accumulating strength to break through the stalemate. (Morning Flash: Dow Jones closed for Labor Day last night)
Constructed and Written by Smartbiz (Chart of FBMKLCI extracted from ChartNexus)
(Note: You can read the explanation for Intra-Day MSO and MSCD from the archive under heading "Labels" at the lower portion of the sidebar.)
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