Daily Markets Briefing: STI down 0.4%

Another pullback could happen today.

According to OCBC, the pull-back on Wall Street overnight could cue the local bourse to a negative start this morning.

Here's more from OCBC:

Meanwhile, the STI (ended 0.4% lower yesterday) managed to finish back above the 3270 key support despite losing as much as 1% intraday.

But with today’s tone likely to remain more downside biased, the 3270 key support could be put into jeopardy again today.

Should this 3270 level give way, the index is likely to head lower to the 3230 key trough next. On the upside, we still see the immediate resistance at 3310, followed by the next hurdle at the 3350 peaks.

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