Daily Market Opinion for 29-Oct-2014

It had been a bearish day for STI as the market continues to be cautious of the Fed meeting outcome. The day opened with a slight gap down which tested 3220 support level. This support level failed to hold the market as sellers was seen throughout the day. The selling pressure had pushed STI to as low as 3206 level before it rebounded a little. Trading volume was seen higher yesterday which could elevate further selling pressure. At the end of the day, STI was seen closing at 3211 level with 14.46pts down. Last night, DJI went up by 187.81pts. Will STI also react positively today or still continue its bearish stance?

STI had broken 3220 support level and it is now testing its gap support between 3202 – 3221 levels. This means that STI is now covering its gap support level and ...