Wall Street continued on its downward pullback as expected :). This time it was the Nasdaq that fell sharply after outperforming the Dow and S&P in the past month or so. Nasdaq took another day of pummeling after Cisco fell 9.5% due to the fall in demand for its products from its top25 customers. The late nibbling in banking and financial stocks lifted the Dow from its lows. Dow ended 33pts lower while S&P500 was down 0.85pts. Nasdaq lost 1.9%.
STI should continue to ease due to its weakness in Wednesday's closing. The 3,660 support is unlikely to hold out today. The next support is at 3,550 thereabouts.
For the KLCI, Wednesday's strong close is baffling to me. Based on the charts alone, the uptrend is still very much intact. However, I believe weakness in the regional markets will keep a lid on its rise. I think there could be a correction or at least a pullback in line with its regional peers. I am looking to see if the 1,380 support breaks this time round. Upside resistance is at 1,440.
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