The Straits Times Index fell further during the shorter week, to 2,529, down 45 points week-on-week, placing it well  below its 50- and 100-day moving averages, currently at 2,626 and 2,588 respectively. The chart pattern remains weak but some support could materialise at 2,499. The index made a low of 2,233 on Mar 23, and this is unlikely to be breached. Unfortunately, volume rose significantly on July 30, when prices fell, and this is a sign of supply selling, suggesting that lower levels are likely in the first two weeks of Aug.  

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