Another bright day?

The STI opened about 33 points higher on Tuesday and closed at what may seem to be a breakout at 3000.19. The last known candle stick from good sources indicate a white stub with a longer top wick than bottom wick. Considering the last few candles, the market was starting to down turn at the end of the day. This is true from sources with after-trading data. The aggregate candle for the day is a white candle with a stubby bottom wick and a top wick of about 23 points. Could this be the last bright day for now?

I have the privilege of looking at the DOW while writing this. I am a little late today due to personal commitments. The DOW opened lower today. Currently, the day looks like it is going to end in a hammer. This suggests that there may be further upside in the US markets, which is good news for us in Singapore when the market sentiments seem to follow the US rather closely especially now. However, the "hammer" today is a black one with a considerable top wick. Caution has to be taken when assuming that this is a positive signal.

My take is that STI may open lower at 9am later (Singapore Time) and close not far below 3000 points. The basis for this lies in the closing trend and the fact that the hammer on the DOW is black and not a clear one. The chances of breaking the 3000 point barrier, substantially upwards, is low for now. I hold my view that the coming 3 months is in general "bear". BUY signals or market bottoms can be expected become clearer in the later half of April.