The STI is +0.6% at 3274.16 midday, with 2.2 gainers per decliner and 1.18 billion shares traded in the broad market as Wall Street’s rise Wednesday on positive U.S. economic indicators has given a boost to a market searching for reasons to push higher.

UOB KayHian notes the STI held above 3200 for the third-straight day yesterday, and has crossed above the 50-day moving average of 3150, “a sign that the bears have not overwhelmed the bulls after a widely-anticipated head and shoulder formation in December.” 

Says short-term direction “seems to be pointing upwards,” with the 12-day MA cutting above the 26-, 50-day MAs, while MACD is also positive. 

 

Tips short-term resistance at 3300, last hit mid-November 2010 and support at 3200. GLP (MCO.SG) is +1.9% at $2.20 with over 62 million shares traded, on an extended positive reaction to its latest China buy. 

 

Large-cap commodities plays Noble (N21.SG), Wilmar (F34.SG) and Olam (O32.SG) lead the STI’s gainers, and are up 1.9%-2.6%.