Rebound likely for Straits Times Index but Downtrend prevails Last week, the market started off flat as there were no fresh leads on the US QE3 after Fed chief’s speech on the previous week. Due to this reason, STI broke another support at 3000 level on Wednesday and fell down further. The fall was limited by 2980 level while the ECB announced bond buying package to help the banks in the Euro zone. This fresh news lifted STI back above to 3000 level as buyers look for bargains after the market downward movement for the past weeks. The ECB had helped STI to fall further and could be helping STI to achieve a rebound this week. Does this fresh lead help STI to start of a new uptrend? Has STI bottomed out? STI’s chart should give us the clues. Trend: Downtrend, 20ma down, MacD below 0 (nearing 0) Support:  3000(50ma), ......