Daily Market Opinion for 30-Jan-2014

STI failed to impress yesterday as its gap resistance level prevented STI from trading higher. 3065 resistance level was firm and caused its opening strength to wither off during the day. Despite a high of 3068 being made, many market participants were eager to exit the market with expectations of further downside to come. The selling pressure happens despite positive sentiments from the regional market. The selling pressure was strong as it even pushed STI to as low as 3038 level during the day. Short covering were seen at the end of the day as STI managed to rebound from its low and close at 3047.93 level. For the day, STI retreated 14.48pts. Last night, DJI dropped another 189.77pts as concerns continue to loom the market. How will STI perform during today’s half day trading session? Will bearishness continue to set in ...