Selling pressure has alleviated for the Straits Times Index after it touched a one-month low of 3,158 on May 31. Week-on-week, the STI rebounded by 20 points to end the first week of June at 3,186. The short-term positive divergence between smoothed RSI and the index should provide some impetus for the index to attempt a further rebound. In this event, resistance appears at the directionless 200-day moving average at 3,230. Support has been established at 3,158.

The STI will add a new constituent in the form of Seatrium shortly, which goes some way into diversifying the index away from the three local banks, properties and REITs.

The likes of Morgan Stanley have turned positive on China. There could be some recovery on the oversold Lion-OCBC Securities Hang Seng Tech ETF. However, the Lion-OCBC Securities China Leaders ETF remains weak for the time being.

The  volatile risk-free rates and the intention of central banks will remain a dampener for equity markets as the end of the first half approaches.

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