Just caught up with Friday's Singapore market close and there's something worth noting here. The STI bounced back after getting hammered all week, climbing about 30 points to land at 4,995.07. We're basically knocking on the door of that 5,000 level everyone's watching, but honestly it feels fragile from here.

The rebound was pretty selective - financials, property, and industrials did some lifting while the trust sector dragged things down. Nothing super convincing about it. You had some real movers though: Yangzijiang Shipbuilding absolutely ripped it, up over 10 percent, and UOL Group surged nearly 6 percent. On the flip side, Venture Corp got hammered down 7.5 percent, which is rough.

Here's the thing though - the global backdrop is looking sketchy. US markets finished in the red across the board on Friday, and now we're seeing tensions escalate between the US and Iran. That kind of geopolitical noise usually means risk-off sentiment, which typically means Asian bourses open weaker. The 5,000 barrier for the STI might actually become resistance rather than support if this escalates.

Wall Street wasn't helping matters. The Dow dropped over 500 points, NASDAQ fell nearly 210, and the S&P 500 lost about 30. Producer prices came in hotter than expected too - up 0.5 percent versus the 0.3 percent forecast - which has people worried about stagflation creeping back. Add in news that Block is cutting nearly half its workforce and you can see why there's some anxiety in the air.

Oil spiked on the geopolitical concerns, with WTI jumping $1.71 to $66.92 a barrel. That number's probably going higher given what's happening now.

Monday's going to be interesting. If we're testing that 5,000 level again, I'd be watching to see if it holds or if we break lower. The momentum doesn't feel great right now, and external factors are weighing heavy. Keeping an eye on how the regional markets react to the weekend developments.