Singapore Market Analysis: Singapore shares remain below key averages as the dollar steadies
The Straits Times Index remains below its 20-day and 50-day simple moving averages, with RSI at 35.61 indicating weak momentum but not confirming a reversal. DBS Group is also below both averages, although its recent closes show a modest recovery from the 20-day low. USD/SGD is below its 20-day average but above its 50-day average, leaving its broader position mixed. US claims, manufacturing and services PMIs, and consumer sentiment are the main scheduled volatility points over the next 48 hours.
What to watch today
- Straits Times Index: 5409.14 support, 5433.72 pivot and 5462.56 resistance.
- USD/SGD: 1.2761 support, 1.2776 pivot and 1.2791 resistance.
- DBS Group: 74.31 support, 74.69 pivot and 75.03 resistance.
- Thu 22 Oct, 16:30 UAE: US Unemployment Claims.
- Fri 23 Oct, 17:45-18:00 UAE: US PMIs and revised UoM indicators.
Technical analysis
Straits Times Index (STI)
Bearish5,415.14-0.42% liveThe Straits Times Index is below its SMA20 at 5534.74 and SMA50 at 5640.41, with price near the lower half of its 20-day range despite a small five-day gain.
- Last close
- 5,429.94
- 1 day
- -0.15%
- 5 days
- +0.49%
- 20 days
- -4.46%
- SMA 20
- 5,534.74
- SMA 50
- 5,640.41
- RSI 14
- 35.6
- ATR 14
- 66.20
- 20-day range
- 5,362.72 – 5,749.66
- Daily pivot
- 5,433.72
The Straits Times Index closed at 5429.94, just below the pivot at 5433.72. The index is also below its 20-day average at 5534.74 and 50-day average at 5640.41, keeping the broader trend weak. The 20-day range runs from 5362.72 to 5749.66.
RSI, a momentum measure, is at 35.61, while ATR, which measures typical daily movement, is 66.20 points. If the recent low at 5412.42 and pivot support near 5409.14 hold, the index could continue consolidating. A move above 5433.72 would bring 5462.56 into focus, while the 20-day low remains an important downside reference.
USD/SGD
Neutral1.2772-0.06% liveUSD/SGD is below its SMA20 at 1.2794 but above its SMA50 at 1.2750, leaving short-term momentum softer within a mixed broader range.
- Last close
- 1.2768
- 1 day
- -0.09%
- 5 days
- -0.54%
- 20 days
- -0.27%
- SMA 20
- 1.2794
- SMA 50
- 1.2750
- RSI 14
- 46.5
- ATR 14
- 0.0037
- 20-day range
- 1.2756 – 1.2871
- Daily pivot
- 1.2776
USD/SGD closed at 1.2768, below the pivot at 1.2776 and below its 20-day average at 1.2794. However, it remains above the 50-day average at 1.2750. The 20-day range is 1.2756 to 1.2871, and the five-day change is negative at 0.54%.
RSI is 46.52, suggesting neither strong upside nor downside momentum. ATR is 0.0037, so short-term moves should be assessed against that relatively wider trading range. Holding above 1.2761 could keep the pair near its recent range, while a recovery through 1.2776 would place 1.2791 and the 20-day average on watch.
DBS Group (D05.SI)
Bearish74.57-0.11% liveDBS Group is below its SMA20 at 75.82 and SMA50 at 76.48, although its last five closes have risen modestly and price is above the recent low zone.
- Last close
- 74.70
- 1 day
- +0.07%
- 5 days
- +1.29%
- 20 days
- -3.59%
- SMA 20
- 75.82
- SMA 50
- 76.48
- RSI 14
- 43.1
- ATR 14
- 1.27
- 20-day range
- 72.50 – 78.56
- Daily pivot
- 74.69
DBS Group closed at 74.70, almost exactly at the pivot of 74.69. The share remains below its 20-day average at 75.82 and 50-day average at 76.48, while the 20-day range extends from 72.50 to 78.56. Its five-day change is positive at 1.29%, but the 20-day change remains negative at 3.59%.
RSI is 43.14, indicating subdued momentum, and ATR is 1.27. If price holds above the pivot, the first upside test is 75.03, followed by 75.41. A move below 74.31 would weaken the short-term structure and return attention to 73.97 and the 20-day low at 72.50.
Market events (next 48 hours)
| Time (UAE) | Currency | Event | Impact | Forecast | Previous |
|---|---|---|---|---|---|
| Thu 22 Oct, 16:30 UAE | USD | Unemployment Claims | Medium | 200K | 199K |
| Fri 23 Oct, 17:45 UAE | USD | Flash Manufacturing PMI | Medium | 55.4 | 57.0 |
| Fri 23 Oct, 17:45 UAE | USD | Flash Services PMI | Medium | 57.9 | 58.7 |
| Fri 23 Oct, 18:00 UAE | USD | Revised UoM Consumer Sentiment | Medium | 46.3 | 46.3 |
| Fri 23 Oct, 18:00 UAE | USD | Revised UoM Inflation Expectations | Medium | – | 4.7% |
The scheduled releases are US events and may influence USD/SGD directly, while changes in broader risk sentiment could affect the Straits Times Index and DBS Group.
- Thu 22 Oct, 16:30 UAE: US Unemployment Claims, forecast at 200K versus 199K previously. A material difference from expectations could increase short-term USD and regional-market volatility.
- Fri 23 Oct, 17:45 UAE: US Flash Manufacturing PMI and Flash Services PMI. Forecasts are 55.4 and 57.9, compared with previous readings of 57.0 and 58.7. These releases can affect expectations for economic activity and the USD.
- Fri 23 Oct, 18:00 UAE: Revised UoM Consumer Sentiment is forecast at 46.3, unchanged from the previous reading. Revised Inflation Expectations also arrive, with the previous reading at 4.7%. Together, these figures may add to volatility in USD/SGD and sentiment-sensitive Singapore assets.
Algo insight: how a rules-based system treats today
A rules-based approach would classify the Straits Times Index and DBS Group as below-average-trend markets because price is below both the SMA20 and SMA50. USD/SGD is mixed, sitting below the SMA20 but above the SMA50, so trend signals are less aligned.
ATR provides a volatility reference: 66.20 points for the Straits Times Index, 0.0037 for USD/SGD, and 1.27 for DBS Group. An algorithm may use wider volatility-adjusted risk distances when ATR is elevated and reduce position size so total risk remains controlled. It may also avoid opening positions immediately around the scheduled US releases, then reassess after spreads and price movement settle.
Session timing matters because the 16:30 UAE claims release and the Friday 17:45-18:00 UAE releases occur outside the main Singapore cash session. A rules-based process should account for the possibility that their effects appear in later Asian trading rather than assuming an immediate local-market response.
Important: This analysis is general market commentary produced for educational purposes and is not investment advice, a recommendation or a solicitation to trade. Price data comes from public sources and may be delayed or contain errors. Trading foreign exchange, commodities, crypto-assets and equities carries a substantial risk of loss. Fino Ways LLC does not manage client funds and does not guarantee any outcome. Read the full Risk Disclosure and Disclaimer.