Daily Markets Briefing: STI up 0.5%

But a pullback is expected today.

According to OCBC, the correction by the US indices overnight and the poor Nikkei start (down 0.7% now) could spook the local bourse to a negative opening this morning.

Here's more from OCBC:

Following a 0.5% technical rebound yesterday, we are likely to see the STI reversing south again in the direction of the 3390 support region today.

Technically, the daily MACD has also been falling steadily over the past two weeks; this suggests that the recent upside momentum has waned significantly.

Below 3390, we still see the subsequent base at the 3300 psychological level. On the upside, 3460 remains the key immediate obstacle, followed by the next hurdle at the 3500 psychological level.

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