Taking cue from Dow Jones Industrial Average's overnight plunge of 236.77 points, Singapore's Straits Times Index (STI) traded lower in tandem this morning, nearing it's next support at 2862.

With so much negative news still lingering in the market, STI looks set to break the 2862 support and heads toward the next strong support at 2746.

The current resistance is at Fibonacci 61.8% Retracement at 2946, but it is a weak one though.