(The Close Equivalent of Straits Times Index)
In addition, as explained comprehensively in past Straits Times Index Analyses, there is a huge wave of selling pressures acting above current positions of the markets (refer to past STI analyses on how this came about).
Once the distribution layer of support at MSCI Singapore (SiMSCI) 334 points-343 points breaks down, the distribution officially completes and the bear market will rear its ugly head. Sentiments remain that majority 90% of investors and retailers do not believe in any bear market as economic forecasts are rosy. Such sentiment is a breeding ground for more bearish sell-offs, as all these investors will never get out or exit the markets, with emotions and gut feel ruling over any rationality.