26 Feb '17, 3am

Ernest’s market outlook (24 Feb 17): Dear all, Dow has hit daily highs for 11 consecutive sessions, its longest… https://t.co/NmhtRE34Kp

Just to recap what I have mentioned on 10 Feb 2017 (see HERE ), I wrote “various indicators such as RSI, MACD, OBV and MFI continue to exhibit bearish divergences. ADX has slid from 41 in Dec 2016 to close at around 18 on 10 Feb 2017, which is indicative of a trendless market. RSI closed at 70 on 10 Feb 2017. Given the various chart indications, although S&P500 continues to be on an uptrend amid rising exponential moving averages (“EMAs”), I reiterate that S&P500 may have limited potential upside with resistance 2,300 – 2,325. It is unlikely to make a sustained close above 2,325 in the near term.”

Full article: http://thefinance.sg/2017/02/26/ernests-market-outlook-24...

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