Singapore market

Singapore market
In our previous commentary on the Singapore bourse, we mentioned that
the
rebound off a prior low of 2016 was very likely a bear trap and
indicated
resistance at 2247-2253. We also indicated our expectation of  a
decline
back to a level "marginally below 2200".  Our working assumption then
was
that we could see a stronger tradeable  corrective rebound off the
2285-2290 level. The index had subsequently rebounded from that zone
and
risen by almost 90 points. Several market observers have termed this a
mini
bull run. We think it is premature to be of that view. The index has
not
re-established a new uptrend, nor has it gained half of it's losses
from
August high of 2399. In all likelihood, this is a  corrective structure
and
judging by internal wave patterns, Friday's high of 2280 appears to
mark
the terminal point of the corrective rebound.  We would hold on to this
view, unless the index manages to rise above 2295, which is a 50%
retracement level.  At this stage, we think that such a move is
extremely
unlikely. Concurrently, if the index breaks below Friday's low of 2258,
the
bearish scenario would be reaffirmed and the index could head down
towards
2150-2180. Watch out for property stocks to set the tone for the market
today. The sector had largely led the rebound and lackluster
performance
today could result in further weakening