Daily Markets Briefing: STI down 1.3%

Expect more losses today.

According to OCBC, further weakness on Wall Street overnight could continue to keep local sentiment fairly muted, especially after the STI’s larger-than-expected 1.3% tumble yesterday.

Here's mroe from OCBC:

With the index again slipping below the key 100-DMA support (currently hovering around 2756), the inability to regain and sustain above the 100-DMA does not bode well for the market.

Although the daily MACD is just trending sideways, the RSI is slipping back towards the oversold region, albeit with still some way to go.

As such, we could see the index edging lower towards the 2700 level, where there is a gap to be filled, before heading higher again.

Overall volume slipped about 30% to 1.7b units traded, but average value/unit jumped 40% to S$0.63.

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