Daily Markets Briefing: STI down 1.4%

Expect good news today.

According to OCBC, with the US indices showing signs of halting its recent sharp declines overnight, this could provide some positive cue to the local bourse this morning.

Here's more from OCBC:

After plummeting nearly 1.4% in the last session, the STI could potentially take a breather today as investors are likely to sideline themselves ahead of the weekend break.

With the 3180 level already convincingly violated, we now peg the immediate base at the 3130 resistance-turned-support, with the next support at the 3100 psychological level.

On the upside, 3180 is now the newly established support-turned-resistance, followed by the next hurdle at the 3220 level.

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