Daily Market Opinion for 01-Oct-2014

It was a bearish day yesterday as STI starts to react to the political unrest in Hong Kong. The day started off with a strong gap down action which broke 3285 support level easily. Further selling pressure was seen in the early trading hours which pushed STI to as low as 3256 level. Upon testing the low, STI was then able to perform a rebound action. This rebound had managed to push STI back to its opening level and even recovered some of its gap down action. Hence, STI managed to close at 3276.74 level with 12.98pts down for the day. Last night, DJI fell by 28.32pts. Will STI continue to trade lower again or will it start to consolidate and form a support?

The strong support at 3285 level failed to hold yesterday as the gap down action had broke it. ...