STI Stayed Flat

STI changed less than a point today, closed at 2779.53, -0.89. As I mentioned in my previous post, a close below 2779 basically indicate more downside move.

The 50PMA ( moving average) on hourly chart acts as an effective resistance line now( see below STI hourly chart), the downtrend has not violated so far. For upside move, STI has to break above the 50MA, and the downtrend line--to close above 2814 level.