Daily Market Opinion for 11-June-2013

STI managed to halt the descent and rebounded yesterday. However, the rebound seems to be off a struggle as selling pressure was seen throughout the day to prevent STI from trading much stronger. The opening started with a gap up as it reacted to the strong positive closing by DJI on the previous night. STI managed to continue to head higher during the morning session which helped STI to test a high of 3214 level. But it failed to sustain the high and started to weaken. Before closing time, STI hit as low as 3194 level before it closes at 3200 level. At the end of the day, STI closes with only 15.79pts higher. Last night, DJI closed with a mere 9.53pts lower. Will STI be able to sustain its rebound today?  Can STI continue to test its gap resistance?

STI is ...