Daily Market Opinion for 11-July-2013

STI propelled higher yesterday as the market continues to gain positive vibe. 3180 sideways resistance level was broken easily by the gap up opening of the market as it reacted to the positive closing of DJI on the previous high. This bullish opening only lasted for a short period which hit as high as 3205 level. New economic data from China had dampened the bullish mood which causes buyers to buy with caution. Sellers also start to make use of the opportunity to sell into strength. For the whole day, STI was stuck below 3200 level. Further selling pressure was seen before market closing weak European market opening drives more cautiousness into the market. Eventually, STI close at 3188 level with 9.41pts down. Last night, DJI showed a flat market day, with 8.68pts down. Can STI continue to show bullish momentum today? Or ...