STI index - Market rebound, but is the selling over?

After last week selling which triggered fear of massive sell-off in the global market, investor seems to have taken a breath of relieve. This comes from the result of global data that released news of economic recovery particularly data from China. Together in hand with US fed chairman announcing the continuity of monetary easing policy rate, investor seem to have taken the news with certain degree of positiveness. With those positive announcement, the Singapore Stock Index rebounded from its uptrend support line into safety range of above 3,030.

From the charts, we can see that the charts touches and then bounds off the support trend line at ~2,950, moving back up strongly towards 3,035 level. This shows that the long-term uptrend, (shown by the parallel brown lines) are still intact. However, whether this rebound is really a show of economy recovery or just a technical rebound before the worst comes is still yet to be seen. Aside from the long-term uptrend channel, we can see that the price is still moving within the short-term downtrend channel, (shown by the parallel blue lines) this shows that selling might not be truly over yet. Should the price continues to move within the short-term trend, we would see first resistance at  ~3120 and a major resistance at 3180. Break above these range should provide assurance of the uptrend continuation, if not, then it will be better to prepare for what might be about to happen >.< (no eyes see)

Key Support and Resistance are draw in Green and Red circle respectively.

Cheers