Daily Markets Briefing: STI up 0.1%

But it's not yet ready to test key resistance.

According to OCBC, the significant retreat on Wall Street overnight could spook the local bourse to a negative start this morning.

Here's more from OCBC:

Despite a 0.1% gain yesterday, the STI clearly was not ready to test and conquer the 3310 key resistance at the moment.

And with today’s tone likely to turn more downside biased, it will not be a surprise to see the index making a U-turn just below this key obstacle back towards its 5-month uptrend support.

Beyond the 3310 hurdle, we see the next obstacle at the 3360-3370 gap resistance. On the downside, 3260 (minor trough) is the immediate support, followed by the next base at the 3240 trough.