Market Recap The major indices managed to hold on to monthly and quarterly gains despite Monday’s losses. All but two Dow components fell, and the index gained 2.2% in Sep and 1.5% for the quarter. Consumer staples and energy led declines for the S&P 500, which gained 3% for the month and 4.7% for the quarter. The NASDAQ Composite was the best performer, gaining 5.1% for Sep and almost 11% for the quarter. NYSE composite volume reached 3.3b (3b previously). WTI Crude for Nov shed 54 cents, or 0.5%, to end at US$102.33/barrel while Nov Brent lost 26 cents, or 0.2%, to settle at US$108.37/barrel. For the month, both WTI and Brent lost 5%, and for the quarter, both gained 6%. Gold for Dec delivery fell US$12.20, or 0.9%, to end at US$1,327/ounce and Dec Silver lost 12 cents, or 0.6%, to end at US$21.71/ounce. Gold (-5% in Sep; +8.4% qtr); Silver (-7.7% in Sep; +11.5% qtr). Implications for Singapore The further pull-back on Wall Street overnight is likely to keep the local bourse on the back-foot this morning. After plunging nearly 1.3% yesterday, the STI is now poised to correct further towards the 3130 resistance-turned-support next. And with the MACD converging bearishly towards its signal line as well, this suggests that the downside momentum could be building up. Below the 3130 initial base, we see the subsequent support at the 3070 resistance-turned-support. On the upside, 3180 is now the newly established support-turned-resistance, with the next obstacle pegged at the 3270 key peaks.
Posted on: Tue, 01 Oct 2013 02:20:07 +0000
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