Last week, I wrote a piece in which showed that Singapore’s Straits Times (STI) stock index was hovering above an important technical support level that needed to hold to avert a serious decline, including a likely bear market. I also showed several other technical warning signs that I said made further bearish action likely. Singapore’s recent stock rout started just days after I published a viral report in which I claimed that the city state’s economy was experiencing a bubble that would lead to a crisis when it eventually pops.

In the last two days, the STI has sliced below its key support level and is currently trading at 2,959 at the time of writing:


Chart Source:

Looking at a longer time scale, the STI has broken both its wedge pattern and its two year old uptrend line:


The STI has experienced a serious technical breakdown this week that is even more worrisome when considering the fact that Singapore has been experiencing a dangerous economic bubble in recent years. The STI’s breakdown has occurred at the same time as the technical breakdowns of several stock indices in the U.S. and Japan, which is a further confirmation of the bearish action in global financial markets.

Check Also

Singapore’s Heartless Government Punishes Homeless Man For Breaching SHN!?!

Rozman Abdul Rahman, 41, returned to Singapore from Batam in March 2020 after sending his …