Daily Markets Briefing: STI down 0.4%

Expect another retreat today.

According to OCBC, the retreat on Wall Street last Friday night and the significantly lower US index futures (down 0.4% now) are likely to dampen local sentiments this morning.

Here's more from OCBC:

After three consecutive sessions of gains, we could potentially see local short-term traders taking profit today on the bearish underlying tone.

For now, we still see the immediate support at the 3290 key trough, as the next base lies at the 3200 key troughs.

On the upside, the immediate obstacle is pegged at the 3360 key support-turned-resistance, followed by the subsequent resistance at the 3400 psychological hurdle.

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