Daily Markets Briefing: STI down 1%

The sharp pullback can happen again today.

According to OCBC, the mostly weaker Wall Street showing overnight is likely to weigh on the local bourse this morning.

Here's more from OCBC:

As it is, the STI has already started to show signs of breaking down after violating its 7-month uptrend support with a sharp 1% retreat yesterday.

And with its selling momentum likely to spill over today, we could potentially see the index breaking the 3310 immediate support and head for the 3280 key trough next.

On the upside, we still see the immediate resistance at the 3350 various peaks, followed by the subsequent obstacle at the 3380 key peak.

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