Daily Market Opinion for 07-Aug-2013

Daily Market Opinion for 07-Aug-2013

STI traded for another day of bearishness as concerns on US’s stimulus package got elevated by the improvement of the manufacturing data that was announced on Monday night. STI opened with a gap down in reaction to DJI’s previous night’s bearishness and attempted to rebound after testing 3230 level. However, when HSI opened with bearish note, STI failed to sustain the rebound and started to crumble downwards again. Selling pressure continues to set in during the day and hit as low as 3212 level during noontime. Eventually, some rebound before closing had helped STI to close at 3224 level and ended with 16.90pts down for the day. Last night, DJI was down for another day with 93.39pts down. Will STI continue to slide lower by breaking its support level today before the long weekend?

STI failed to rebound off the 20ma support line …