Daily Market Opinion for 09-Oct-2014

STI faced another bearish day yesterday as concerns on the world economic situation looms the market. STI opened with a strong gap down action in reaction to the strong bearish closing of DJI on the previous night. Selling pressure continued after opening which caused STI to hit as low as 3223 level. This is when the bargain hunters in the market started to enter. An intraday rebound occurred to push STI to as high as 3234 level before sellers entered the market again. This created a seesaw swing during the day which ended at 3226.71 level. A total of 17.28pts was lost. Last night, DJI closed with 274.83 pts up, recovering its previous day’s lost. Will STI be able to rebound strongly like DJI? Or will STI attempt to break its strong support level today?

STI seems to be retracing back to ...