Daily Markets Briefing: STI up 1.05%

Expect more gains today.

According to OCBC, US stocks rebounded from a two-day drop to reclaim key technical levels Thursday as robust gains by financial shares helped breathe new life into the market.

The rebound on Wall Street overnight could continue to keep local sentiment upbeat (the Nikkei has opened 1.1% higher); but further strong gains after yesterday’s 1.1% rise are unlikely, especially ahead of the weekend, OCBC said.

Here's more from OCBC:

Again, we do not rule out a near-term pullback to retest the key 3000 resistance-turned-support before the market is confident enough to put on longer term buy orders.

On the upside, we peg the next important hurdle at 3049 (38.2% retracement of the tumble from 3549 to 2740) before 3100.

Below 3000, we see the next support at 2931 (23.6% retracement of the same fall).

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