Daily Market Opinion for 11-Oct-2012

STI continued to slide further yesterday in reaction to IMF’s forecast of global economic slowdown. This sends the market into dismay and caused a strong gap down during the opening. STI opened directly at 3035 level with 30pts down directly which sparked fears in the market during the early trading session. The downward pressure attempts pushed STI to as low as 3031 level before it attempted to recover. Intraday rebound was seen after the mid-day which helped STI to recover some lost grounds to as high as 3043 levels. However, the intraday bullishness failed to sustain and STI closed at 3033 level eventually with 32.1pts down for the day. Last night, DJI slide further with 128.56pts lower after its start of its earnings season. Will STI fall further today? Has STI’s uptrend formation failed after yesterday’s movement?

STI broke the 20ma support ...