Daily Markets Briefing: STI down 0.5%

Are investors getting wary?

OCBC Investment Research said:

The retreat on Wall Street last Friday night is likely to dampen local sentiments further this morning.
Meanwhile, STI pulled back some 0.5% in the last session; the see-saw movements by the index over the past few sessions suggest that investors are getting increasingly wary about the market’s ability to maintain its recent upside momentum.

As such, there is a good chance that the index could continue to swing between the 3300 immediate psychological resistance and the 3250 recent trough in the week ahead. 

Beyond those levels, the subsequent obstacle can be found at the 3330 support-turned-resistance with the next base still marked at the 3220 resistance-turned-support.