Daily Market Opinion for 18-July-2013

STI continued with another day of retracement as concern of the Fed meeting starts to escalate during the day. Another reason for yesterday’s retracement action was due to the weak export numbers that was being reported. STI started the day with slight gap down action as weak holders continue to dominate the market. There were attempts to rebound during the early trading session but it was struck down quickly by sellers whom are eagerly exiting the market.  After lunch hours further selling pressure was seen which push STI towards 3200 level which eventually caused STI to close at 3208 level. STI was down by 16.63pts during the day. Last night, DJI close with 18.67pts up as the Fed meeting was in the midst. Will STI be able to regain its losses today? Or will STI continue to stay cautious?

STI closed with ...