Daily Markets Briefing: STI down 0.4%

Expect a pullback today.

According OCBC, with Wall Street again ending mixed overnight, the STI could re-open lower this morning; the local bourse was shut yesterday and most Asian indexes ended mostly lower.

Here’s more from OCBC:

As before, the inability to convincingly hold above the key 3000 level does not bode well for the market in the near-term; we could see an attempt to retake that level today, but the daily technical indicators are starting to look more negative.

And with the earnings season coming to a close this Friday, the dearth of corporate newsflow could also keep investors sidelined, especially ahead of a possible US rate hike in Dec.

We peg the initial support at 2950, ahead of 2900. On the upside, the next resistance above 3000 is 3049.