Another down day for the STI. I see continued weakness for the STI. Momentum is down, 50day moving average is showing down trend, 200day moving average continues to trend down. It has also closed slightly below the previous pivot low of 2640; and it is not a good thing.
After the announcement of our government's property cooling measure, naturally, property counters took a big hit. It closed just above the previous pivot low of $2.75. It looks a bit like a hammer, but not quite and I am wondering if it will find support at this level.
In summary, the overall trend of the market is down, but prices of most counters are at major support / pivot levels, so a technical rebound looks possible.
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