Daily Markets Briefing: STI down 0.4%

Expect another pullback today.

According to OCBC, the late pullback on Wall Street overnight is unlikely to do the local bourse any favour, especially after the STI broke the key 3450 uptrend channel support yesterday with a 0.4% loss – also its third decline in a row.

Here's more from OCBC:

The daily MACD has started to diverge again, suggesting that the tone has soured; daily RSI has also turned lower towards the oversold region.

As before, a break of the key uptrend support could see the index sliding back towards the recent 3425 lower, or even 3397 (38.2% retracement of mid-Oct rally to 3549 high) – note that there is a parabolic sell signal around 3426.

On the upside, we peg the initial hurdle at 3450 (also near 50-DMA at 3453), ahead of 3482 (30-DMA).

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