Daily Markets Briefing: STI down 0.8%

WIll today's tone improve?

OCBC Investment Research said:

Extended weakness on Wall Street overnight could continue to weigh on local sentiment, even though the STI already fell some 0.8% yesterday.

Although the index managed to close above 3157 (38.2% retracement of 2990-3260 rally), we do not expect this level to hold today.

Instead, we could see the STI easing further to 3125 (50% retracement of the same rally), or even 3093 (61.8% retracement level).

As before, we think that the market still needs to fill the 3051-3071 gap before it can move higher.

On the upside, 3157 could be the initial hurdle if the market does gap down at open, while 3200 remains the key barrier.

Also of note, the STI has already fallen below the 30-DMA (3191), 50-DMA (3185) and 100-DMA (3176).

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