Daily Markets Briefing: STI down 1.5%

Market outlook has turned bearish, says analyst.

OCBC Investment Research said:

The sharp retreat on Wall Street overnight is likely to dent local sentiments further this morning.

With the STI declining another 1.5% yesterday and violating the 3270 initial support, the current market outlook has turned decidedly more bearish.

And it looks likely that the 3240 next key support will be tested next and could potentially be breached as well.

Below that, the next support lies at the 3200 psychological support. On the upside, 3270 (minor support-turned-resistance) is now the immediate obstacle, with the subsequent resistance pegged at the 3300 psychological level.

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