Daily Market Opinion for 23-Oct-2012

STI managed to shrug off the bearish sentiment yesterday after DJI exhibited one of the biggest drops in one night over 4 months last Friday. STI opened with a strong gap down of 17pts and went even deeper to as low as 3027 level before some rebound actions happens. The intraday rebound started in the early trading session after seeing HSI recovering from its negative opening. During the morning trading session, STI managed to recover most of the gap down losses. After lunch, STI rebounded further after HSI entered into the positive territory. Eventually, HSI closed with 145pts up while STI barely stayed positive. However, before closing profit taking actions was seen push STI back into red. STI closed at 3045 level with 3.25pts lower. Last night, DJI close flat with 2.35pts higher. Has STI confirmed its lower high formation yesterday? Or will ...