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STI might have confirmed its downtrend formation.

Last week, the market started off with cautious start and market participants were undecided of the direction due to the upcoming Fed chief’s speech. Speculations were on the possible QE3 decision which made the market stayed above 3040 support during the early week. However, numerous reports weighted that the QE3 will be unlikely to be implemented shook the market on Thursday.

Daily Market Opinion for 31-Aug-2012

After nearly 2 weeks of indecisiveness, STI have at last managed to trade with decisiveness yesterday. 3040 support level was broken immediately with a gap down as the US reported a gradual growth in their economy; Market participants whom are hoping for a QE3 decision tonight but the Fed chairman will unlikely to happen after this report.

Daily Market Opinion for 30-Aug-2012

Yesterday was another quiet day for STI as traders continues to be cautious. STI opened slightly higher during the day and did attempt to trade higher. However, buying strength was not sustainable as there are still sellers waiting above to sell. Reaching only as high as 3054 level, the sellers prevented the market from rising and instead forcing the price back to the opening level.

Daily Market Opinion for 29-Aug-2012

Cautious trading sentiment continues to plague the market as many were patiently waiting for the US Fed reserve’s chief speech on possible stimulus plan. STI opened with a slight gap down testing the support level of 3040 again. There were some attempts of rebounds seen during the day but it continues to face selling pressure.