Update:

after my last call on STI from bullish to cautiously bullish, penny stocks made their last run and hot speculative counters seems to be constantly attacked by shortist. today, the bears finally took over after getting beaten repeatedly over the past few months, especially in the month of May.

today we witnessed general market weakness where majority of the counters made a turn, breaking short term support levels. This is a sign which we have not seen for quite some time through this intense rally starting from march 09.

i will be turning bearish on the index with 1st key support at 2200. Any rebound tomorrow should be capped at 2380 while a close below 2300 will bring about panic selling.