Daily Markets Briefing: STI up 0.8%

Traders are still edgy.

According to OCBC, the mild rebound on Wall Street overnight could provide some inspiration to the local bourse this morning.

Here's more from OCBC:

But note that the STI gave up most of the earlier 1.4% gains to close just 0.8% higher; this suggests that the traders are clearly still feeling jittery and could have taken the opportunity to sell into strength.

We could continue to see a struggle between the bulls and the bears today, which will likely result in the index trading sideways between the 3290 immediate support and 3360 immediate resistance for now.

A breakout from either side in time to come will give us a clearer indication of where the index is likely headed over the medium term.