Daily Markets Briefing: STI down 2.4%

Expect another negative start today.

According to OCBC, with the US indices continuing to slide further south overnight, this will likely cue the local bourse to another negative start this morning.

Here's more from OCBC:

Meanwhile, the STI plunged nearly 2.4% yesterday after failing a recent retest at its 5-year key downtrend resistance; this could generate further selling pressure in the days ahead.

As such, we expect the index to decline towards the 3180 resistance-turned-support today. Below that, we see the next base at the 3150 key trough.

On the upside, 3240 is the new support-turned-resistance, followed by the next hurdle at the 3300 psychological resistance.

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