Daily Market Opinion for 24-Feb-2015

Singapore government had unveiled its budget for 2016 yesterday and it failed to bring cheer to the market yesterday. STI did opened higher yesterday in anticipation to the bumper budget but it failed to sustain after hitting a high of 3458 level. The selling pressure started when HK market opened and traded lower. This brought sellers into the market and pushed STI lower. There were attempts to trade positively during the day but it failed to sustain. Hence, STI was being pushed to as low as 3421 level where it ended its day. STI shed 14.36pts yesterday and close at 3421.3 level. Last night, DJI was seen closing slightly lower with 23.60pts down. Will STI be able to recover today as market participants start to digest further into the budget?

                                                                                                      

STI had nearly tested its resistance level at 3460 yesterday. …