Daily Markets Briefing: STI down 0.14%

Brace for a pullback today.

According to OCBC, the muted showing on Wall Street overnight, with both DJIA and S&P500 losing most of their early gains to end flat, is unlikely to provide much of a boost to the local bourse this morning.

Here’s more from OCBC:

Instead, we think that the market is likely to be range bound between 2758 and 2800 for now; both the daily MACD and RSI appear to be just drifting sideways as well.

Overall volume was flat but healthy with around 2.5b units traded yesterday; average value/unit remains around S$0.45, suggesting that the pennies are still in play.

Although the STI has regained the 100-DMA support (now around 2756), the continued inability to clear the key 2800 hurdle could bring the bears back into play.