Daily Market Opinion for 17-July-2013

At last, STI had decided to start to retrace after a few days of struggle to head higher. The market is now concern about this Wednesday and Thursday’s Fed meeting might have some surprising element which the market did not expect. Hence, the market participants were eager to exit the market first before any impact can happen. STI opened slightly higher yesterday and it attempted to head higher during the morning session. However, the gains failed to sustain and STI started to tumble down during lunch hours. 3230 support level was being tested but it is unable to sustain during the day. Eventually, STI head towards 3200 level by hitting as low as 3216 level before closing at 3224 level. STI lost 11.86pts for the day. Last night, DJI also traded in a cautious mode with 32.41pts down. Will STI continue to slide ...