As a recap, the STI registered a 0.4% higher close despite rising as much as 0.7% intraday yesterday; the 3470 recent peak remains a tough obstacle to overcome in the near term.

With local investors likely to stay by the sidelines in anticipation of the US Federal Reserve’s release of its minutes tonight, we could see the index consolidate around current levels today.

On the downside, we still see the immediate base at the 3400 resistance-turned-support.