Daily Markets Briefing: STI down 0.49%

Expect muted gains today.

According to OCBC, the pullback on Wall Street overnight is likely to weigh further on the already depressed tone in the local bourse today; the Nikkei is down 0.1% in early trade after the long weekend break.

Here’s more from OCBC:

Although the STI tried to make a rebound yesterday, it fizzed out some way from the initial 2931 resistance, resulting in traders using the bounce to sell into strength as expected.

And with the index now just a shade above the key 2900 support; a strong breach is likely to send it back towards 2850 and even 2800, as the technical indicators are now looking somewhat more negative.

Above 2931, the next hurdle is at 2950, and then 3000.

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