Wall Street saw a minor recovery led by Apple and tech stocks. Dow closed 44pts higher after dropping 114pts in the morning. The consolidation for Dow is not over, I believe. This is just a minor correction after the previous day's sharp drop. There should be one more leg down based on the wave counts. This consolidation is expected to last until end of the month at least.
STI could rebound along with Wall Street's rebound. The index is expected to hold on to its 3,660 support today but similarly to Dow, I expect anther leg down. KLCI is also expected to rebound today probably to close the gap at 1,370. After that, another test of its 100-day SMA at 1,336.
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