Daily Market Opinion for 29-May-2014

STI ended with another bearish day yesterday. There were attempts to trade higher during the opening hours but it was lacking of momentum to do so. Regional market did not managed to show bullish performance and that dragged the sentiment of STI down. Because of that, STI only managed to hit a high of 3282 level before it started to retrace again. The selling pressure was gradual during the day and it hit a low of 3270 at the end of the day. Without much rebound during closing, STI ended at 3271.84 level with only 2.22pts down. Last night, DJI closed 42.32pts down. Will STI face further selling pressure today? Or will it attempt to break its recent high again?

STI continue to be in the retracement streak yesterday but the retracement did not come with strong selling pressure. This could be ...