Daily Markets Briefing: STI up 0.1%

Brace for a retreat today.

According to OCBC, the retreat on Wall Street overnight could spook the local bourse to a similarly lower opening this morning.

Here's more from OCBC:

Meanwhile, the STI’s recent ascent towards the 3550 key obstacle has started to show signs moderating, following a muted 0.1% gain yesterday.

And with today’s tone likely to turn a tad more downside biased, we could see the index pulling back or consolidate further around current levels.

Above 3550, we see the next hurdle at the 3600 psychological level. On the downside, we still peg the immediate support at the 3500 recent trough, followed by the next base at the 3460 resistance-turned-support.

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