STI : Short term positive, Medium term still negative

STI 3100 support level that I highlighted as the 15% correction from recent high was tested last Friday and successfully defended.

We have seen the market rebounded strongly today, to pull away from 3100, meaning that 3100 should be a short term good support level.
STI closed 3322 today, which is exactly 50% retracement from 3688 to Friday low of 2962. Near term resistance could be the 61.8% Fibonacci retracement level about 3410, this will coincide with the 8th aug rebound day high of 3416, making it a stronger resistance for the near term.

There is a good chance that index will try to touch the 61.8% retracement level as we are seeing more short term positive indicators :
1.Parabolic SAR trending indicator turned positive today for the first time after being in negative zone for 16 days
2.Stochastics have formed higher lows and just cut up today, near term upside is likely with such signals
3.MACD histogram formed higher lows indicating that the selling pressure have eased for the near term

Two other trending indicators are still negative :
1.MACD still negative - this is a lagging indicator, more for medium term signal
2.Multiple moving averages - this is also a lagging indicator, more for medium term signal

In summary :
What we are seeing now is that SHORT TERM signals have turned positive but medium term signals are still negative. All these possibly mean that STI could have stopped the downward slide for the near term and could move sideway or upward in the near term.

We are not out of the woods yet since medium term signals are still negative. If you are short term traders, enjoy the fiesta while it last ;)