The US markets have rebounded from their end-Jan volatility and the S&P500 is at a new high. Ironically, the US markets rose when the likes of GameStop, AMC Entertainment Holdings, a cinema operator, and Express, a physical fashion retailer, dived.
The Straits Times Index has not followed New York higher. On the contrary, it’s hovering around 2,901 to 2,910, ending the first week of Feb at 2,907 (down 20 points week-on-week), and perilously close to its 50-day moving average, currently at 2,892. This moving average, in turn, rose three points from 2,881 a week ago. Unfortunately, quarterly momentum ended the week on a weak note, and is testing its own 50-day moving average.
