Above is a daily chart of the STI. The longer term trend of the STI, based on the 200-day moving average, is still up. The mid term trend, based on the 50-day moving is sideways with a slight downward bias, while the momentum, based on the MACD is down but appears to be turning up. The overall picture is mixed, but so far the 200day moving average has proved to be a strong support level. Going forward, the STI will most likely to be going sideways in a volatile manner. Support is at 3100 (the 200day moving average line), initial resistance is at 3130 (the 50day moving average line). Next major resistance level is at 3180.
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