One more thing..

I left out one portion that I wanted to say. Watch out for the bearish divergences on the US indices. Very obvious MACD bearish divergences. HSI is a little bear too, while STI has took a plunge down to negate the MACD divergence. Question is, has it found a support yet? 20MA is now at 2535, just under where last week’s low was put in. This implies that if this line cracks, look out for more downside.

That said, in a bull momentum, a bearish divergence can fail. And chances are it would. However until it has, it is better to take a trading holiday as prices may ding-dong up and down the same few lines to consolidate before the next move. As it ding-dongs, more can be seen from the chart to see its direction.