As indicated by A, the KLCI had its intraday low touching 1470.09 points, but it managed to rebound from the 14-day EMA, closing at 1476.84 points, down 0.38 points for the day. Resistance for the KLCI remains at 1487 while the 14, 21, 31 EMA dynamic is still serving as the dynamic support to the KLCI.

As indicated by B, total market volume fell 31.92%, but volume is still above the 40-day volume moving average. Most of the actively traded stocks are still the low-priced stocks, thus the total market volume reading is still not reflecting the true sentiment of the market.

As indicated by C, the Stochastic is still below 70%, thus not yet triggering any short term bullish signal. Generally, if the Stochastic should stay within 30% to 70%, it suggests that the short term movement of the KLCI is in a sideways manner.

In conclusion, the KLCI is still staying above the 14, 21, 31 EMA dynamic support, and the short term uptrend of the KLCI remains intact. Meanwhile the contraction of the Bollinger Bands suggests that the KLCI is consolidating in a sideways manner and the direction is uncleared. If the KLCI should break below the 14, 21, 31 EMA, it would have violated the short term uptrend.

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