Volume and trading action (not volume alone) can give you a good indication of what's happening.  IMO yesterdays trading was classic market making.

Someone or someones wanted to buy in large, either the MM themselves or a client.  does this mean SGX is going to the moon?  Not necessarily, but somebody big wanted in yesterday and judging by the fact that the price did not recover from the low there may still be a few more retailers to be shaken out.  

The next few days will tell the tale. 

It's also important to note that if the MMs were trying to get rid of shares, the SP would have closed higher.  Kind of counter intuitive