The Broad Market

STI has dropped 1% or 32 points at 3182 in half day trading today. The first day it starts to retrace, after the two weeks consecutive run-up. It looks a normal retracement to me so far, I still maintain my bullish bias as long as it stay above 3120 level, which is the downtrend line breakout level.

Below are S/R levels for STI:

S1: 3180
S2: 3150
S3: 3120

R1: 3210
R2: 3230
and my longer time frame target for STI is 3440