STI Outlook

Good morning everyone. The STI's sharp selling off last week ended STI with loss of 133.85 or 4.2%-- the biggest one week loss since May 2010.

On weekly chart, the major support is 3030, which is the resistance-turn-support level and also its 50 week MA.

On daily chart, 3030 support is STI's 200dma, the immediate resistance is 3120 now. Look at STI in one year time frame, I'm still bullish on STI, the recent drop is just a normal correction. My take.