Above is a weekly chart of the STI. The STI has powered up strongly since late November 2012 and it does look like a minor correction is taking place. So far the support at 3172 has yet to be tested. Today, the STI went to a low of 3185 before rebounding strongly to close above 3200. The major trend is still up, but i think this is the start of a minor correction. I expect the STI to drop to 3150 before retesting the year's high of 3242. Any pull backs would be good buying opportunity, especially property, oil and gas, and commodities stocks as the outlook for the China economy going forward is positive.
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