Daily Markets Briefing: STI down 0.4%

Expect another pull back today.

According to OCBC, the muted reactions by the US indices overnight are unlikely to have much impact on the local bourse this morning.

Here's more from OCBC:

Despite recovering as much as 0.7% intraday yesterday to just below the 3460 key resistance, the STI reversed south thereafter to register a 0.4% loss by the close.

This suggests that the 3460 remains a tough obstacle in the near term and we could potentially see the index pulling back further today in the direction of the 3377-3388 gap support.

Beyond that, the next base lies at the 3300 psychological level, while the subsequent resistance is pegged at the 3500 psychological hurdle.

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