Daily Markets Briefing: STI down 1.3%

Expect anothet pullback today.

According to OCBC, the sharp retreat on Wall Street overnight and the poor Nikkei start (down 2% currently) could spook the local bourse to another negative opening this morning.

Here's more from OCBC:

Meanwhile, the STI already started to show signs of faltering with a significant 1.3% pullback yesterday.

With today’s tone set to remain bearish, we could see the index breaking the 3325 immediate support with ease and head straight for the 3270 subsequent base.

On the upside, 3380 key peak is the immediate resistance, followed by the 3460 subsequent key resistance.

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