My Prediction of the S&P500 was 100% Accurate!

Around one month ago I drew the below chart in this post: http://financeopti.blogspot.com/2023/02/state-of-s-and-sti.html (note the hand-drawn arrow on the right):

It turned out that after one month the market moved exactly as in accordance with the arrow I drew above!

Since the S&P500 broke through the downtrend resistance, there should be more upside to come in the short term.

As for the STI, this is the chart from one month ago:

Here's what I said one month ago about the STI: 

It recently broke through the resistance level at 3302. Also, there is a bearish crossover of the 10 and 50 day simple moving average. Room for further fall, before a rebound. 

It turns out that is exactly what happened - the STI fell to around the 3100 level before re-bounding:

 

Good news is that the 10 day simply moving average just cut the 200 day simple moving average from below, which indicates a bit more upside in the next few days. 

Woohoo!

State of the S&P500 and STI

 I took a look at the charts today.

Typically, I do not follow technical analysis religiously, but thought I will just take a look and make a note.

S&P500 broke out of the long-term downtrend around 24 Jan 2023, which bodes well. But now the S&P500 dropped after a short bull run. From the charts, it looks like it will continue dropping to 3870 to 3890 area before a rebound. 

The Straits Times Index is a bit harder to call:

It recently broke through the resistance level at 3302. Also, there is a bearish crossover of the 10 and 50 day simple moving average. Room for further fall, before a rebound. 

Only time will tell, let's see.