STI - healthy correction

Good evening, the STI has been correcting since it broke out of 3000 points six days ago. I had expected it to hold above that level, but it was not to be. A slew of disappointing corporate results coupled with rising oil prices are threatening to put a dampener on global recovery.

But still, my view is that the correction is healthy, as the STI has been rising continuously since mid December 2011. Support for the STI is around 2,900 with resistance now back to 3,000.