Daily Markets Briefing: STI up 1.7%

Expect a pullback today.

According to OCBC, although Wall Street eked out some more modest gains overnight, US index futures have turned lower, suggesting that profit-taking interest may be emerging.

Here's more from OCBC:

Likewise for the STI, we could see some interest to take profit should the index fail to clear the next hurdle at 2740; we note that the gap up/price action yesterday has also formed a potential reversal signal.

As such, we could see the index easing back to test the key 2700 level, and should this support hold up, we should see more confident buying interest; otherwise, the STI could resume its slide back to 2600.

Above 2740, we peg the next key hurdle at 2800.

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