3 reasons why KLCI should decline today.

1. DJIA declined 297.05 points or 2.5% overnight on growing concern that Greece may default if its Prime Minister referendum is rejected. My view: This is a very risky step to take from Greece. Papandreou won his last major vote on austerity measures by slim margin 154 votes to 144 on Oct. 20.
2. Yesterday KLCI drop 16.25 points to 1,475.64. This may well only the beginning as 10 points increase on Monday (31-Oct) happened when most Asian markets are down. Hence, we can say net net KLCI only down 6 points yesterday (less than 1%). My view: My guess KLCI should down between 10-15 points to 1460 to 1465 level. If that is broken, 1450 will be the next support.
3. From technical point of view, KLCI 14-day Relative Strength Index or RSI has declined from 66 to 61. This is still very close to overbought level of 70. My view: With many issues of global market (especially Europe) remain unresolved, KLCI short term bearish trend may have just begun.