Daily Markets Briefing: STI down 0.1%

Don’t expect a turnaround today.

According to OCBC, the mild retreat by the US indices overnight is likely to dampen local sentiments further this morning.

Here’s more from OCBC:

Despite recovering as much as 0.4% intraday yesterday, the STI slipped back into the red with a 0.1% lower close; investors clearly took the opportunity to sell into strength.

And with today’s tone likely to remain more downside biased, we could see the index falling in the direction of the 3265 support again.

Below that, the next base lies at the 3230 key trough. On the upside, 3310 is still the immediate obstacle, followed by the subsequent hurdle at the 3380 key peak.

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