STI set for weaker open

Traders meanwhile will be looking out for factory output data for August.

OCBC Investment Research said:

The more than 1% retreat on Wall Street overnight and the poor Nikkei start (down 1.8% now) are likely to cause a knee-jerked negative reaction in the local market this morning.

As a recap, the STI continue to consolidate in a fairly tight trading range yesterday; following a flat opening, the index traded sideways for the rest of the day to close at its opening level.

But with today's tone likely deteriorate significantly, we could see the index breaking the 3055 immediate support with relative ease, and even head further south to test the 3040 key resistance-turned-support.

On the upside, the immediate obstacle is still pegged at the 3090 key peaks, with the subsequent obstacle pegged at the 3160 support-turned-resistance.

IG Markets Singapore meanwhile noted:

In Singapore today, traders will be looking out for factory output data for August, due out this afternoon.

The futures market points to a weaker open for the STI this morning. Hold onto your umbrellas this morning.

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