Daily Markets Briefing: STI down 0.2%

Another pullback is in order today.

According to OCBC, overnight jitters on Wall Street ahead of the key Fed meeting tonight could impart a cautious tone to the local bourse this morning.

Here's more from OCBC:

Despite rallying as much as 0.6% intraday yesterday, the STI failed to hold on to those gains and ended up with a 0.2% loss at the close instead; as a result, the 3390 resistance has now been further reinforced.

We expect the downside momentum to continue today with the index sliding further south in the direction of the 3360 immediate support level.

Below that, we see 3300 as the subsequent base. On the upside, the next key hurdle is pegged at the 3460 vital peak.