As shown in below STI daily chart, it unable to break the effective 3025 resistance since mid Feb 2012. The cluster of sideway bars on the top of the chart become obviously a distribution rather than accumulation to me now. The distribution started to accelerate yesterday "ignited" by the fall of mighty DBS.
In the bigger picture, the general upside is still intact as long 2900 support hold. But short term retreat in coming days become possible.
STI Short Term picture: Bearish
My "Friday Indicator" got four days only this week as market will be closed tomorrow for holiday. STI closed at 2985 yesterday, the 50% middle wave level is at 3009, given bearish sentiment from the US market, there is a minimum chance for STI to rebound up to above 3009 today. 2990 will be the immediate resistance level.
61.8%: 3015
50%: 3009
38.2%: 2996
Latest update @10am:
STI down 13 points at 2972 now. Support level is Fib 261.8% at 2967. Immediate resistance is 2990.
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