Daily Markets Briefing: STI down 0.3%

Expect more losses today.

According to OCBC, continued weakness on Wall Street overnight is likely to weigh further on local sentiment this morning; the Nikkei has opened 0.4% lower.

Here's more from OCBC:

We also expect to see more investors lightening their positions ahead of the long weekend (market is shut on Friday and Monday here).

Although the daily RSI is showing that the STI is now oversold, the MACD has turn more negative, suggesting that the medium-term downtrend is likely to persist.

After failing to hold above the initial 3202 support yesterday, the index could ease further towards the next support at 3150.

On the upside, 3202 has become the initial hurdle, ahead of 3246.