With more governments announcing stimulus plans world-wide, more and more people are getting hopeful that a solution can finally be found to pull the financial market out from what could be the worse financial meltdown since the 1930s. However as time passes, confidence has been weakened about the effectiveness of the stimulus measures with the regional markets showing bearishness. From the chart, we can see that the 20-day moving average has nicely resisted STI. For the last few weeks, STI has been trying to stay above the psychological 1700 points level. When the bears tried to break the 1700 points level, the bulls fought back to maintain that level. Current readings from the indicators show that the bears are still in control, which means that the downtrend is still intact.