Daily Markets Briefing: STI down 0.8%

And it looks like it's going to be worse.

According to OCBC, with US indices continuing to retreat overnight and the Nikkei having a negative start (down 0.9% now), this could further dampen local sentiments this morning.

Following another 0.8% pull-back yesterday, the STI looks poised to slide towards the 3130 key support (minor troughs and key uptrend support).

Here's more from OCBC:

As the MACD has just fallen below the centerline as well yesterday; this suggests that the downside momentum is building up.

Below the 3130 base, we see the next support at the 3070 key trough. On the upside, 3210 is now the immediate support-turned-resistance, with the next hurdle pegged at the 3280 recent peak.

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