The start of something new .. perhaps

Today might be a significant day. This intermediate trend has been weak and i have observing it ever since it started. Reasons which i think that this trend is weak is cos

1. Volume during rallies often dun confirm price action. Can be seen by the OBV which is trending downwards.
2. Bearish divergence spotted on the MACD suggesting the momentum for this trend has been decreasing.

This time, the index failed to touch the resistive trendline and today it broke a important support trendline which has been tested for a few times already. Most importantly, it broke a trendline with high volume, forming a bearish engulfing pattern. Since the support trendline was tested a few times, there is a high chance that this support trendline will convert to a resistive trendline so there might be a rally back to this trendline. Tink i can stop monitoring individual counters and try to see where the STI can find support on the chart. Maybe this break of trendline might be a whipsaw ? We shall see ...