ASEAN Indices

Jakarta Composite Index (JCI)
JCI broke below 3,400-level support yesterday and fell lower to 3,346 this morning. When looking for a pattern, it has formed a triple top, followed by a breakdown below support. Despite the breakdown, JCI is reaching the projected decline soon around 3,300-level while its RSI looks set for a soft-landing around 25 level-point.

Stock Exchange of Thai Index (SET)
The outlook for SET is quite worrying as it has dropped by more than 4% today, the worst among the ASEAN countries. Obviously, the index is near to the next support at 950-level, once broken next will be 900. Yet, when I was writing this, SET has returned to green zone at 969.7 compared with open at 968.15.

Philippine Stock Exchange (PSEi)
Apparently, PSEi has rebounded before everyone did.

Overall, the selling pressure by foreign funds may come to an end. Yet, investors should be alert and be aware of the Chinese New Year effect as many people may exit for New Year “Ang Pow”. Technically, FBM KLCI is reaching an upward sloping support around 1,533-level while RSI has flatten at 50-point-level. If index successfully rebounds on 1,533, next resistance is at 1,575.