Daily Markets Briefing: STI down 0.3%

Expect another pullback today.

According to OCBC, as expected, the STI staged a retreat yesterday, down 0.3% on profit-taking; and we expect the selling to continue on the back of the again muted showing on Wall Street overnight.

Here's more from OCBC:

As before, the medium-term indicators continue to look somewhat negative, so selling on any rebound may still be the main strategy for now.

And we also see the psychological 3300 hurdle as a tough nut to crack, especially as we head into the year-end holidays.

Note that the STI needs to close above 3285 this week to retake the uptrend (since Oct’11) support-turned-resistance line, otherwise we could see a deeper pullback towards 3221 (38.2% retracement of the 2953-3387 rally).

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