Just caught up on Singapore's market action and there's something worth paying attention to around that 5000 level.

The STI had a rough three days - dropped nearly 80 points, about 1.7 percent total. Friday finally broke the losing streak with a modest bounce back, gaining 30 points to close at 4,995. So we're basically right at that 5000 resistance zone everyone's been watching.

What's interesting is the mixed signals underneath. Financial stocks, property plays, and industrials were actually pushing higher, but trust stocks kept dragging things down. CapitaLand Integrated Commercial Trust tanked 2 percent while City Developments popped 4.91 percent - that kind of divergence tells you there's tension in the market.

Some wild swings in individual names too. Yangzijiang Shipbuilding absolutely soared 10.71 percent, UOL Group surged 5.62 percent, and Seatrium went up 5.26 percent. Meanwhile Venture Corporation got hammered, down 7.51 percent. DFI Retail Group fell 2.10 percent. The usual defensive plays like Singapore Airlines and SingTel edged up modestly, but nothing aggressive.

Here's the thing though - the macro backdrop is getting messier. Wall Street got crushed Friday. Dow down 1.05 percent, NASDAQ down 0.92 percent, S&P 500 down 0.43 percent. Producer prices jumped more than expected in January, which has people worried about stagflation creeping back. Add in the AI layoff concerns - Block just cut its workforce nearly in half - and you've got genuine uncertainty.

Crude oil spiked 2.6 percent to $66.92 a barrel on geopolitical tensions, which historically flows through to Asian markets. That's not helping sentiment either.

So looking at Monday, I'd expect the 5000 level on the STI to get tested again. The market's caught between some positive earnings momentum and pretty serious macro headwinds. If we can't hold above 5000, the downside could accelerate. Worth keeping a close eye on how this plays out.