STI +0.1% at 3,201.97, off highs midday with market breadth evenly matched; 635 million shares traded vs 955 million at yesterday’s break; low volume likely symptom of uncertainty now index back above 3,200.

CIMB says December-February period is seasonally bullish for global equity markets, “but a break below 1,127 points for the S&P 500 would force us to change our view. Until this happens, we remain upbeat and expect a Christmas or pre-Chinese New Year rally before the major peak in 1Q-2Q11.”

For STI, notes bounceback from below 50-day simple moving average (3,176) support this week, yesterday’s move above this level; “as long as the recent 3,118 low is not breached, the index could have bottomed out or could be in a triangle formation, which may take a few weeks to complete.” Key support remains 3,176. Genting Singapore (G13.SG) most active, +2.0% at $2.08.