Straits Times Index=2,275 (Continue to sell into any strength.....supports at 2,100 follow by 1,950
Volume also was pretty muted and was even 7.8% lower compared to the morning session yesterday, despite gainers outpacing losers 171 to 133. Nevertheless, the average traded value per share edged up slightly to S$0.87 from S$0.71 yesterday. Most sub-indices were back in the black, except for real estate-related ones.
Again, the lower volume suggests a lack of conviction behind this morning's rebound; intraday RSI indicates that the market is currently slightly overbought, although the intraday MACD is still pretty positive. We suspect that the lack of follow-through buying in Europe later may spark profit-taking and send the STI back towards our near-term support of 2239 (50-day moving average), ahead of 2217 (lower Bollinger Band).
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