Daily Market Opinion for 16-Sep-2014

Daily Market Opinion for 16-Sep-2014

Fear struck the market again yesterday. Market players were speculating on the possibilities of US interest rate hikes during the Fed meeting for tonight and tomorrow. STI started the week lower with a gap down action. This opening was holding firmly above 3330 level for most of the day. But when the European market opens, STI was seen tumbling quickly and broke 3330 level easily. There was last minute panic selling as the market closes at the low of the day. STI ended at 3312.47 level with 33.08pts down. Last night, DJI did not trade lower. Instead, it closed with 43.63pts up. Will STI be able to recover its lost grounds today? Or will further selling pressure happen today?

STI’s failure to hold above 3330 level had impacted on the uptrend possibility of STI. Its recent higher low at 3310 is nearly …