After propelling to a high of 2947 seen on 11^th January 2010, the benchmark STI has started to reverse its fortune. The prior uptrend for the STI had been damaged as it had pierced below its 20 and 50-day moving averages since late January 2010. However an interesting observation to note is a possible bullish crossover seen in the MACD trend indicator below its centerline. In addition, the RSI oscillator has started to inch up from the 30% oversold level. Thus signals from these indicators suggest that a possible short-term “relieve bounce” is on the cards for the STI before downside pressure may resume. Be on the lookout for its immediate resistance at 2772 and a break above it may see a further upside push to test the falling window gap resistance of 2823-2850. The immediate support is at the rising window gap of 2658-2643 and a violation below 2643 may unleash a bout of bearish force to push the STI further south to test the key support at 2605 which corresponds closely to the 23.6% Fibonacci retracement from the March 2009 low of 1455 to the recent high of 2947.