At the time of writing this, DJIA is 276 pt lower (2.66%). The downtrend momentum is increasing. No sign of easing yet. That should make Asia region tremble too.
Hope of KLCI early recovery by this week is dimmer and dimmer. It is like when you were watching Malaysia vs China Thomas Cup Semifinal, by the time Malaysia first double was losing, you know Malaysia chance of going to final is very dim. For FBM KLCI the support zone 1,300 pt will be really, really tested tomorrow.
Excerpts from the news article at: Breaking all major support:
Stocks' big drop today is sending the market below several major technical support levels.In failing to stay above its May 7 close, the market in effect is saying that the Flash Crash was not entirely a fluke caused by a computer glitch or a "fat finger." A number of technical analysts I follow are considering the failure to be a significant development.Another major technical support level that is being broken today is the 200-day moving average. Many traders use that average to grade the market's major trend (as opposed to its shorter-term trend), and with both the Dow and the S&P 500 breaking below their respective 200-day moving averages, a number of technical analysts will declare that we are in a major bear market.
If you are wondering about KLCI's 200-day moving average, KLCI is still above 200-day moving average but the gap is getting narrower. See FBM KLCI daily chart chart below (blue line: 200-day Exponential Moving Average, yellow line: 200 day Simple Moving Average)
In the news is that "US STOCKS-Indexes fall about 3 pct on Euro-zone's handling of its sovereign debt crises fear ", well I don't know US get scared so easily. How about the time when others get scared of "US-zone handling of it debt crisis".
