Hello Readers,

I know that many will ask: how high will market go. This is a question I avoid thinking about because issuing forecasts locks us into a rigid frame of mind. I like to begin my long-term market analysis with what I call "Tour around the world" - a review of several important markets worldwide.

Now Let us zoom in on a few most typical one to decipher the messages....

DAX (Germany): +1.05%

HKSE (Hong Kong): +1.47%%

S&P 500 (US): +1.71%

SSE (China): +2.48%

In Summary: 2 weeks ago, Germany plunge about 700 points but last week DAX managed to recover 122 points. Hong Kong and China continue to rally. S&P 500 is at resistance level but looking to break new high. Many traders do not trust this rally and are waiting for a stop. Experiences tell me that what many people anticipate rarely happens. It is stronger in some countries, weaker in others, but there no bear markets among the major markets of the world. Now let turn to Singapore market.

STI Open: 3,519.24

Week High: 3,525.84

Week Low: 3,487.71

STI Closed: 3,513

Price Change: -12.19

Percentage Change: -0.35%

Total Volume: 1.113 billion

Weekly Chart of STI MACD histogram is still ticking up. Market rejected lower prices and closed near where it opened. This lack of downside follow-thru and the rejection of lows are bullish sign.

On daily chart, MACD histogram is ticking down and below zero reference line. The week ended with a pullback towards value zone.

However STI only represents the 30 largest companies in market value out of a total 1296 listed companies on the Singapore Exchange which is why I am using CADI to measure the market breadth.

Last but not least, CADI is pointing up on weekly and daily chart. This is showing more companies are moving higher than are moving lower.

This coming week we will have all the banks reporting earnings report and will have some impact on STI.

Best wishes for the week ahead.

Divergence Trader

Company earnings report for the coming week:

27^th Apr - DBS, HPH Trust

28^th Apr - Ho Bee Land, UOI

29^th Apr - CDL, AIMS AMP Capital, iFast Corp, Parkwaylife Reit, Starhill Reit

30^th Apr - CapitaLand, Indofood Agri, OCBC, UOB, SMRT, Venture Corp, COSCO, Tuan Sing

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