Daily markets briefing: STI down 0.2%

But the market is fairly supportive at the moment.

The Dow Jones recorded a modest recovery yesterday, after the FOMC minutes revealed that Fed’s bond purchases would end by October if the economy stays on track.

According to OCBC, the rebound on Wall Street overnight is likely to boost local sentiments this morning.
“Despite pulling back as much as 0.6% at one stage yesterday, the STI bounced off its 5-month uptrend support to close just 0.2% lower; this suggests that market is fairly supportive at the moment,” noted OCBC.

Here’s more from OCBC:
For now we still see the immediate resistance at the 3310 key peak, with the next hurdle pegged at the 3360-3370 gap resistance.

On the downside, 3240 is the immediate horizontal base (recent trough), followed by the next support level at the 3220 key trough.

All industries of the S&P 500 but Utilities (-0.10%) closed up, led by Consumer Services (1.18%).

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