Daily Markets Briefing: STI down 1.1%

Expect yet another pullback today.

According to OCBC, the strong pull-back on Wall Street last Friday night, coupled with the currently more than 0.5% lower US index futures, is likely to spook the local bourse to a poor start this morning.

Here's more from OCBC:

After a sharp 1.1% retreat in the last session, the STI is just hanging precariously above the 3220 key support at the moment.

And with today’s bearish tone likely to worsen, we could see the index breaching this key base and head straight for the 3180 subsequent support.

On the upside, we still see the immediate resistance at the 3270 recent peak, followed by the next obstacle at the 3310 recent peak.

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