Daily Markets Briefing: STI up 0.4%

Brace for a pullback today.

According to OCBC, though Wall Street ended mostly flat Friday, the index futures’ sharp declines of >1% in after-hours trading is likely to weigh on local sentiment this morning; Nikkei is already down 0.8% in early trade.

Here's more from OCBC:

We note that the STI has already started to give up most of its gains last Friday after failing to test the key 3000 resistance.

As such, we could see the index easing back towards 2860 over the medium term; although in the near term, it may find some support around 2900 level.

On the upside, we continue to see 3000 as a pretty tough hurdle to clear.

Besides seeing investors trying to clear stale longs, we may also see more short positions being set up.

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