Support at 3036 was broken this morning when the STI gapped down and it continued to sell off very rapidly during the first hour of trading. After that, it simply drifted sideways. The short term technical picture of the STI is rather bearish. Key levels to note are: 3000 points (psychological support), and around 2974 (previous pivot low). For those of you who are long and buying on pullbacks, do be careful because the market could pull back to about 2940 level if the market does not like what the FED chairman says.
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