Daily Market Opinion for 12-Dec-2013

STI continues to trade on the red yesterday as market participants continue to exit the market in fear of further selling pressure. 3080 support level failed to hold as support despite positive closing from DJI on the previous day. STI opened flat and struggled to keep its heads above 3080 level. Weak HSI opening caused STI to sink beyond 3080 level. Selling pressure continues to dominate the market for the rest of the day pushing STI below 3060 level. Before closing, there were some bargain hunters in the market to support 3060 level. Hence, STI was able to close at 3060 level yesterday with 20.98pts down. Last night, DJI plunged 129.6pts down. Will STI continue to face selling pressure today or has it hit a good support for rebound?

The bearish momentum now is very strong for STI as multiple support levels were ...