STI Hit New Low Since Jan

STI hit new low today, dragged down by Japan and Hongkong market. It hit new low since Jan 24 this year, closed at 3243.43, lost 47.92 points. In past nine trading days, STI has lost over 200 points or about 6% from its year high around 3450. It's really rare to see this kind of dive. I think its overdone.

In big picture, STI below its 20 and 50ma, today's closing level 3243 is just above its Jan resistance 3235( first circle from left in the chart below), now turns to possible support. 200ma major support is at  around 3200 level.