Strong rebound on DOW and other indices update

The benchmark Dow Jones industrial Average (DJI) made a strong rebound today, climbng 331.62 points or 2.94% to close at 11615.77. I believe it is caused by declining oil price and strengthening of the US dollar. Light crude oil futures is currently traded at US$118.25 per barrel and still has room to decline. The DJI may face resistance at 11,700 points.

Other regional indices which were weak yesterday, are expected to rise today, because of this.

The Singapore's STI closed at 2,900 points yesterday. If there is a rally, it may find resistance at 3,000 points.

Kuala Lumpur Composite Index closed at 1134.50, and may find resistance at 1,180 points.

The Hang Seng Index closed low yesterday at 22514.92. Therefore expected a bigger rise today. However, it may find resistance at 23,370 points. UPDATE (12.30pm): Stock market shut down because of Severe Tropical Storm Kammuri... Click HERE to read more.

Thailand's SETI closed at 667.12 points yesterday. We may not see a strong rally on SETI because their major concerns were not just oil price but the problems in the current goverment where confidence level is low. It is expected to trade in a range of 660 and 700 points.

Generally, the Asian markets will rebound sharply today, but still, in my opinion is that the bears are still in control.

Analysis and commentary by Benny Lee