Just noticed the Singapore market hitting an interesting technical level on Friday. The Straits Times Index barely held above the 4,995 mark after climbing 30.69 points or 0.62 percent through the session. What caught my attention is that the STI is now sitting right at a critical resistance zone approaching the 5,000 psychological barrier.

The three-day selloff that preceded this bounce had knocked the index down nearly 80 points or about 1.7 percent, so there's definitely some pressure lingering. Financial stocks, property names and industrials provided decent support on Friday, though the trust sector continued to show weakness. Trading ranged between 4,943 and 4,996, which tells you the market was still finding its footing.

Looking at the individual movers, you had some wild swings. Yangzijiang Shipbuilding absolutely rocketed 10.71 percent, while UOL Group surged 5.62 percent and City Developments popped 4.91 percent. On the flip side, Venture Corporation got hammered down 7.51 percent and CapitaLand Integrated Commercial Trust tanked 2 percent. The breadth was mixed but leaning positive.

What's interesting is the global backdrop here. Wall Street finished Friday in the red across the board following that Labor Department report showing producer prices jumped 0.5 percent in January instead of the expected 0.3 percent. That's stoking stagflation concerns. Add in the geopolitical tensions and you've got a recipe for continued volatility heading into next week.

The Dow dropped 521 points or 1.05 percent, the NASDAQ fell 210 points or 0.92 percent and the S&P 500 gave back 30 points or 0.43 percent. Crude oil spiked 2.6 percent on the back of Middle East tensions. So the Asian markets are likely to open softer on Monday, and that 5,000 level on the STI could see some serious resistance quotes if sellers come in. This is definitely a level worth watching closely over the next few sessions.