STI: Selling down back from key level, 3129 now. Worst may not be over!

Just last week, we spotted a move above the 3100 level which can signal some short term upside..

Hence some targets drawn towards 3200 as seen below where we expected selling pressure to return again..

At the beginning of the week, we have indeed seen the market rallied upwards on news on a truce between China and the US on trade war..

Has neared our upside short term target but…

It seems like sellers are back.. with Dow Jones selling down by more than 800 points over the past 2 sessions…

STI is back to the key 3100 again..

Hopefully that holds, if not, the downtrend can continue further towards the level we have seen last month, let’s see…

Last night, Dow Jones sold off my more than 875 points before paring down its losses on the back of a report of less aggressive interest rate hikes next year….

So some short covering expected today on Asia markets..

See where we are below now…

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