Daily Market Opinion for 17-Sep-2014

STI experienced another day of panic yesterday as global market continues to speculate on US Fed’s decision on interest rate hike. As last night was the start of the Fed meeting, Asian market reacted bearishly towards the possibility. STI started off with attempts to stay above 3310 level yesterday. This strong start did not help to avoid the bearish sentiment in the market. Panic selling was seen throughout the market which forces prices to plummet quickly. Multiple support levels were broken and brought more selling pressure to the market. A low of 3266 level was hit before it rebounded before closing. STI ended its day at 3272.62 level with 39.85pts down. Last night, DJI ended with 100.83pts up instead, beating market’s bearish expectation. Will STI continue to drop lower as it continues to speculate on the interest rate hike? Or will it ...