Straits Times Index faced 3355 resistance level.

The Straits Times Index faced a week of selling pressure as tension arises between North Korea and US on Friday. The week started with lack of catalyst to push the market higher. Market participants were more eager to take profit off the market after numerous index components went ex-dividend. With some buyers support, STI was seen holding firmly above 3300 level till Thursday. When reports of North Korea’s threats to fire missile to Guam Island, the market reacted in fear. On Friday, STI opened with a gap down action which caused STI to trade below 3300 level. It got close to 3270 support but never get to test it. With these actions, STI closed at 3279.72 level with 46.8pts down for the week.

With this magnitude of drop, many market participants start to be concern. Will the market start to drop …