Daily Markets Briefing: STI down 0.8%

Expect another pullback today.

According to OCBC, the significant retreat by the US indices last Friday night could spook the local bourse to a further decline this morning.

Here's more from OCBC:

Meanwhile, the STI pulled back some 0.8% in the last session after failing to overcome the 3420 immediate resistance again; a bearish engulfing candlestick pattern has also emerged as a result.

Coupled with a likely bearish tone today, the index is likely to fall further towards the 3377-3388 gap zone support.

Beyond that, the next base lies at the 3300 psychological level. On the upside the 3460 key peak is still the subsequent hurdle to cross.

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