Daily Markets Briefing: STI down 0.4%

Everyone is finally rejoicing.

According to OCBC, the continued muted reactions on Wall Street overnight are unlikely to have much effect on local sentiments this morning.

Here's more from OCBC:

Meanwhile, the STI continued its positive run with a 0.4% gain yesterday; investors are looking increasingly optimistic about the market outlook.

We could potentially see the index testing the 3360-3370 gap resistance today, although an immediate and decisive break is not likely.

Should this resistance zone be conquered in time to come, the next resistance is pegged at the 3400 key psychological hurdle.

On the downside, 3300 (5-month uptrend support) is now the immediate support, followed by the next base at the 3270 minor trough.