Daily Markets Briefing: STI down 0.5%

Today could bring good news.

According to OCBC, the climb by the S&P500 index to another new all-time high overnight could inspire the local bourse to a rebound this morning.

Here's more from OCBC:

Following yesterday’s 0.5% retreat, the STI is now hovering just above the 3280 key resistance-turned-support.

With today’s tone likely to turn more upside biased, we expect the index to bounce off this immediate support although any upside could be limited at the moment.

For now, we still see the immediate resistance at the 3330 support-turned-resistance, with the next obstacle at the 3360-3370 gap zone. On the downside, the next base lies at the 3220 key trough.

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