Prepare for another ride down!

Markets around the region have started to make newer lows despite the rebound on Monday. The cat jumped, the bear caught the cat, slaughter it and threw it down. The cat did not bounce back. The cat was from Asia, infact there were many cats slaughtered. Below are the performance of markets in the region today:

1. Singapore Straits Times Index - 2,541.15 points. DOWN 81.26 points or 3.1%. Almost a 2 years low. Near support level, more analysis here.

2. Kuala Lumpur Composite Index - 1,041.07 points. DOWN 21.63 points or 2.04%. A 21 months low. Near support level, more analysis here

3. Hong Kong Hang Seng Index - 19,388.72 points. DOWN 611.06 points or 3.05%. A 17 months low. More analysis here.

4. Japan Nikkei225 Index - 12,102.50 points. DOWN 244.13 points or 1.98%.

5. Shanghai Stock Exchange Composite Index - 2,078.98 points. DOWN 71.78 points or 3.34%. A 22 months low. Almost 3 times lower than its highest high in just October last year.

6. As at 9.15 pm (Malaysian time) London FTSE is at 5,283,90 points, down 82.60 points or 1.53 % and is still declining on my screen.

THE US market is expected to plunge today when it opens, following the rest of the markets. My analysis here.

Support levels were broken, prepare for another ride down!

Commentary and Analysis by Benny Lee