INDEX FUTURES BROKE INTO NEW STRATOSPHERE
MACD Histogram indicates more upside expected
The FKLI took out the all time record high of 1606.50 (03 Apr 2012) reaching an unprecedented 1608.50 before settling at 1607.50 on consistent follow through buying. The index futures punched through all resistances like wet paper.
An amazing performance indeed considering the uncertainties surrounding the Euro zone markets when global investors are on hair trigger stand-bys.
However, a word of caution for over zealous buyers ...... Today's failure to produce a negative candle or sell signal is by no means a white flag from the bears. There may appear any day a negative sell signal due to the FKLI overbought conditions.
TIP >>> A clue to monitor will be the all time high of the FBMKLCI @ 1609.33. That may or may not be the defining mark for a U-turn ..... :P