STI (technical)

STI: technicals not looking pretty after the break down below the 2977 support (close to the 200day MA). RSI and Stochastics have just entered oversold territory, but show no signs of a reversal yet. Yday’s gap down (not covered) occurred on high volume, signaling selling pressure. A close at the lows today would print a black marubozu candle on the charts, which would be considered bearish as well. See next support ~2,905 (late Oct ’11 peak).