Daily Markets Briefing: STI down 1.3%

Expect yet another pullback today.

According to OCBC, the significant pull-back on Wall Street overnight is likely to dampen local sentiments further this morning.

Here's more from OCBC:

After a 1.3% bearish reversal from the 3360 key resistance and breaking of the 3315 near term support yesterday, the STI is poised to slide further towards the 3270 resistance-turned-support today.

Meanwhile, the daily MACD is also on the brink of a bearish crossover now; this suggests the its downside momentum could be picking up.

Below 3270, the next support lies at the 3210 level. On the upside, 3315 is now the newly established support-turned-resistance.

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