Daily Markets Briefing: STI down 0.2%

Expect another retreat today.

According to OCBC, the mild pull-back by the US indices overnight is likely to keep local sentiments fairly pessimistic this morning.

Here's more from OCBC:

After yesterday’s unexpected 0.2% decline, the STI has seemingly taken a turn for the worse, as it breached the 3430 key immediate support.

As such, we could potentially see local investors continuing to liquidate their positions today, sending the index further south towards the 3390 resistance-turned-support.

Below that, we now see the subsequent base at the 3360 key trough. Above 3430, the next hurdle lies at the 3470 various peaks.

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