The benchmark STI had a tremendous performance since Feb 2010 as it soared to a high of 3038 on 15^th April 2010. However it has not been able to maintain its climb northwards as recent price actions indicate that the “wind direction” has changed for the market. The STI is now trading in a downtrend as it has displayed a series of lower highs, lower lows and remains below the 20, 50, 100-day moving averages. Indicators such as the MACD and Stochastic are pointing to further downside pressure ahead in the coming weeks. Be on the lookout for a possible decline towards the immediate support at 2775 and failure to hold may unleash another bout of sell-off to test the next support at 2727. On the other hand, a break above the upper resistance zone of 2932 may negate the bears to see a “relieve bounce” towards the next resistance at 2984.