Daily Markets Briefing: STI down 0.6%

Traders will likely stay cautious today.

According to OCBC, despite the modestly higher Wall Street close overnight, caution could keep most investors on the sidelines ahead of the key US jobs report due tonight.

Here's more from OCBC:

Following yesterday’s 0.6% retreat, the STI is once again hovering just above the 3390 support; in the near term, this support region is still likely to hold its ground.

However, investors is likely to turn wary should the index start to show signs of breaching the 3390 level, as this could mean a significant correction towards the subsequent 3300 key base thereafter.

On the upside, 3460 remains the key immediate obstacle, followed by the next hurdle at the 3500 psychological level.