Another quick look at the STI. This has been a very vicious start to the Chinese New Year. The STI fell from a high of 3232 from 7 Feb to an intraday low of 3054 on 11 Feb. Today is the third test of support at the 200day Moving Average. So far it has held and that is a good sign. In the long term, the STI is still trending up. In the shorter term, the STI will likely trend sideways (consolidate) before breaking above the 50day moving average line. Resistance is 3120 level. Support for now is 3060.
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