STI Update

STI closed at 3042.96 on Monday, down 83.91 points. That is a drop of more than 2%.

Looking at the phase chart and moving average chart,



The STI is still at "Recovery" phase. It has stayed in "Recovery" phase for 15 trading days. This is the best performance for the index so far in 2008.

The next support for STI is 2995.45. If the index can hold above its 50 day moving average of 2995.45, then the "Recovery" is still intact.