Singapore Market Analysis: Singapore markets pause as stocks hold above key averages
The Straits Times Index is consolidating near its 20-day average, with momentum close to neutral and price still above the 50-day average. USD/SGD retains a mildly firmer structure above both its 20-day and 50-day averages, although it is just below the daily pivot. DBS Group remains above its key moving averages, while its latest close sits below the pivot. US economic releases at 16:30 UAE today and further events on 1 October could influence the Singapore dollar and local equities.
What to watch today
- Straits Times Index: 5694.17 support, 5738.05 resistance, and the 16:30 UAE US releases.
- USD/SGD: pivot at 1.2777, with 1.2761 support and 1.2789 resistance.
- DBS Group: 78.02 support and 78.26 pivot resistance.
- Wednesday 16:15 UAE: ADP Non-Farm Employment Change.
- Thursday 16:30 and 18:00 UAE: Unemployment Claims, Waller speaks, and ISM Manufacturing PMI.
Technical analysis
Straits Times Index (STI)
Neutral 5,705.26 -0.17% liveThe Straits Times Index is nearly flat around its 20-day average, remains above its 50-day average, and is trading in the middle portion of its recent 20-day range.
Daily candles, last 90 sessions. Green dashed = support, red dashed = resistance.
The Straits Times Index closed at 5709.22, marginally below its 20-day average at 5709.49 but above its 50-day average at 5690.91. The daily pivot is at 5717.39, leaving the index below that reference level. RSI, a momentum measure ranging from 0 to 100, is at 52.31, indicating balanced momentum rather than an extended condition.
Price remains well inside the recent range between the 20-day low at 5621.76 and the 20-day high at 5828.50. Initial downside attention is on pivot support at 5694.17, followed by 5673.51. On the upside, a sustained move above 5738.05 would bring 5761.27 into focus, while the 20-day high remains at 5828.50.
USD/SGD
Bullish 1.2770 -0.02% liveUSD/SGD is above its 20-day and 50-day averages, with recent gains keeping it near the upper half of its 20-day range despite trading just below the pivot.
Daily candles, last 90 sessions. Green dashed = support, red dashed = resistance.
USD/SGD closed at 1.2774, above its 20-day average at 1.2726, 50-day average at 1.2766, and 20-day exponential average at 1.2751. The pair is just below the pivot at 1.2777. RSI is 55.09, showing a modest positive momentum reading without reaching an extreme.
Price is below the 20-day high at 1.2811 and above the 20-day low at 1.2627. The nearest downside references are 1.2761 and 1.2750. A move above 1.2789 could bring the second pivot resistance at 1.2805 and then the recent high at 1.2811 into view.
DBS Group (D05.SI)
Bullish 77.99 -0.50% liveDBS Group remains above its 20-day and 50-day averages and near the upper part of its recent 20-day range, although the latest close is below the pivot.
Daily candles, last 90 sessions. Green dashed = support, red dashed = resistance.
DBS Group closed at 77.99, above its 20-day average at 77.61, 50-day average at 76.33, and 20-day exponential average at 77.43. The close is below the daily pivot at 78.26. RSI stands at 58.23, indicating moderately positive momentum while remaining below an overbought reading.
The share remains below its 20-day and 60-day high at 79.05, while the 20-day low is 76.31. The closest support references are 78.02 and 77.67. Reclaiming 78.26 would place 78.61 and then the recent high at 79.05 on watch.
Market events (next 48 hours)
| Time (UAE) | Currency | Event | Impact | Forecast | Previous |
|---|---|---|---|---|---|
| Wed 30 Sep, 16:15 UAE | USD | ADP Non-Farm Employment Change | Medium | 73K | 38K |
| Wed 30 Sep, 16:30 UAE | USD | Core PCE Price Index m/m | High | 0.3% | 0.2% |
| Wed 30 Sep, 16:30 UAE | USD | Final GDP q/q | High | 1.5% | 1.5% |
| Wed 30 Sep, 16:30 UAE | USD | Final GDP Price Index q/q | Medium | 6.4% | 6.4% |
| Thu 01 Oct, 16:30 UAE | USD | Unemployment Claims | Medium | 201K | 197K |
| Thu 01 Oct, 18:00 UAE | USD | FOMC Member Waller Speaks | Medium | - | - |
| Thu 01 Oct, 18:00 UAE | USD | ISM Manufacturing PMI | Medium | 54.8 | 54.6 |
The most important scheduled releases for Singapore markets are the US Core PCE Price Index, Final GDP, and Final GDP Price Index at 16:30 UAE on Wednesday. Core PCE has a high impact rating, with a forecast of 0.3% versus 0.2% previously, while Final GDP is forecast at 1.5%, unchanged from the previous reading. These releases can affect the US dollar and, in turn, USD/SGD; they can also influence equity sentiment.
The US ADP Non-Farm Employment Change is scheduled for 16:15 UAE on Wednesday, with a forecast of 73K versus 38K previously. On Thursday at 16:30 UAE, Unemployment Claims are forecast at 201K versus 197K previously. At 18:00 UAE on Thursday, FOMC Member Waller speaks and the ISM Manufacturing PMI is released, with the PMI forecast at 54.8 versus 54.6 previously. Volatility can increase around these releases, particularly in USD/SGD.
Algo insight: how a rules-based system treats today
A rules-based approach can treat the Straits Times Index as a range-bound market while it remains close to its 20-day average and below the pivot. USD/SGD and DBS Group have firmer moving-average structures, but the USD/SGD ATR is 0.0042, DBS Group's ATR is 0.89, and the Straits Times Index ATR is 49.12. ATR, or average true range, measures typical price movement and can help set volatility-aware stop distances.
Position sizing can be reduced when the required stop distance is wider because of elevated ATR or event-driven volatility. A rules-based system may avoid opening or adjusting positions immediately around the high-impact Core PCE and Final GDP releases at 16:30 UAE, then reassess after price action stabilises. Session timing should also be considered around the Thursday 18:00 UAE Waller speech and ISM release.
