Due to the sharp fall of the US markets, together with the resistance of 1609, the KLCI ended lower on Tuesday, losing 9.02 points to close at 1594.10 points. As indicated by A, the KLCI is about to test its dynamic support of the 14, 21, 31 EMA.

As indicated by B, total market volume remains at the 40-day Volume Moving Average level. Generally, if the market overall is falling, a lower volume is usually normal. However, if the KLCI or the market as a whole were to resume its uptrend or break out above its resistance, more volume is needed.

As circled at C, the MACD histogram is still ticking lower, as the Rounding Top is still intact. This suggests that the KLCI short-term is still losing strength, as it is consolidating. The weakening movement shall remains intact, until the MACD histogram should form a Rounding Bottom.

In conclusion, the KLCI is about to test the 14, 21, 31 EMA dynamic support. If the KLCI could rebound from the 14, 21, 31 EMA, then the L2 uptrend is still intact. As for whether the uptrend could be extended, we will then have to see if the KLCI could break out above its all time new high resistance.