Daily Markets Briefing: STI down 0.2%

Expect a rebound today.

According to OCBC, after chalking up its 9th consecutive session of losses, the STI does look like it is due for a technical rebound soon; not only did the index recover from early losses to close just 0.2% lower, but it also managed to stay above the key 100-DMA support (currently at 2765).

Here’s more from OCBC:

While the daily MACD has just breached the centre line, the daily RSI has flattened out its decline just below 35%; this further points to a near-term bottom as well.

Market breadth has also improved, with losers just edging out gainers 1.1:1; overall volume was steady at 1.2b units, while average value/unit slipped 24% to S$0.84, suggesting the sell-off in blue chips is easing.

But the muted Wall Street showing overnight could continue to keep local sentiment cautious, and potentially limiting the magnitude of a rebound.

We peg the initial cap at 2800; key support at 2700.

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