Following yesterday's rally, both our SigmaTrading Oscillator and our breath index bounced back above the zero line.
So, they don't confirm any trend reversal at this stage.
All over indicators remain in sell territory.
The summation 21 continues to deteriorate, telling us the momentum continues to fade in the market.
The turnover index also continues to deteriorate, telling us that the balance between up and down volume are more and more in favour of down stock.
Conclusion:
As both the STI and the breath index bounced back around the zero line and are now in positive territory, the uptrend remains intact.
Nevertheless, with the weakening momentum we can detect in both the turnover and the summation 21 index, we can assume the market is running out of steam and should correct soon.