STI Falling Into Bear's Prey

STI closed at 2873 today. It dropped more than 20% in previous two days but managed to pull off up a bit by now. By definition, a loss of 20% over a period at least two months will be considered as bear market. Loss of 20% for STI is below 2839 level.

I decided to update on STI as to answer a reader's enquiry as well. In below weekly chart (though this week is incomplete). 

It looks to me there is no bottom yet, immediate support level to monitor will be weekly low of 2808, no signs of bullish reversal yet, further downside if broken. 2700-2600 cluster at the end of 2011 should provide major support.