Daily Markets Briefing: STI up 0.81%

But the market may be in a technical correction soon.

The Straits Times Index (STI) ended 23.41 points or 0.81% higher to 2928.58 on Thursday, taking the year-to-date performance to +1.59%.

According to OCBC Investment Research, this came as the Dow Jones Industrial Average bucked the broader market’s weakness on Thursday to close at a record high, even as large-cap technology stocks weighed down the Nasdaq Composite index for a second straight session.

"Six out of eleven S&P 500 industries ended lower, with Information Technology (-2.29%) and Real Estate (-1.56%) leading the declines while Financials (1.66%) led the gains," OCBC said.

It added, "Following the STI’s 0.8% gains yesterday, the index has closed higher for the eighth session; but recent price action suggests that the market may be due for a technical correction soon."

Here's more from OCBC:

The daily RSI hit the overbought region, although the daily MACD continues to look positive.

We expect the STI to hold around 2900 to 2955 for now. We peg the next support and resistance at 2880 and 2970, respectively.

Overall volume dwindled 20.2% with 2.3b units traded, and the total value fell 35.6% to S$1.6; while average value/unit dipped 19.3% to S$0.71.

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