Daily Markets Briefing: STI down 0.1%

A turnaround is unlikely today.

According to OCBC, the mixed reactions on Wall Street overnight are not likely to affect local sentiments significantly this morning.

Here’s more from OCBC:

Despite entering the 3360-3370 gap resistance zone briefly yesterday, the STI pulled back subsequently to a 0.1% loss by the close; investors are probably still adopting a more cautious stance.

With today’s tone unlikely to see any significant changes, we could see the index swinging around current levels.

Beyond the 3360-3370 hurdle, we see the next resistance at the 3400 key psychological obstacle. On the downside, 3310 is still the immediate base (resistance-turned-support), with the subsequent support pegged at the 3270 minor trough.