Daily Markets Briefing: STI down 0.4%

Expect another pullback today.

According to OCBC, the more than 1% plunge by the US indices overnight is likely to spook the local market to another poor start this morning.

After finishing another 0.4% lower and violating the 3270 immediate support yesterday, the index is now poised to face a further decline towards the 3220 key trough.

Below 3220, the next base lies at the 3180 resistance-turned-support. On the upside, 3270 is now the newly established support-turned-resistance, followed by the next hurdle at the 3310 recent peak.

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