Short-term wise, STI might be developing into a falling wedge formation, which is potentially bullish.
Longer-term wise, tracking back to 2008 when Lehman Brothers bankrupt till now, the level to watch for breakdown is around the 2,420 - 2,450 level. Breaking down at such a level indicating Singapore economy will be like in 2008 going into full blown recession.
The much said about 2,650 critical support, is probably the mid-term support. That level was the bottom in May 2010 when the Greece's debt crisis first surfaced when concern of global economies falling into a double-dip recession scenario.
