STI chart.  Source from www.chartnexus.com

Recently, technical support levels were broken with ease and this is alarming. I credit this to the low confidence level in the stock market. It requires confidence for the market to bounce from support levels and this is sorely missing. In contrast, low confidence increases the resistivity of resistance level as nervous traders and investors will look to sell their shares whenever the market gets near those levels. Although the technical support level may be around 1800 points, I doubt very much it will support the falling market if confidence is not restored soon. Instead, I will pay more attention to resistance level when trading this volatile market. Current readings from the indicators showed that the downtrend is in full swing with no hints of positive divergence yet.