The Straits Times Index added 3.63 points to 2,226.46, off a high of 2,252.97.
Volume traded totalled 903 million shares worth 818 million Singapore dollars (484 million US), up from 718 million shares valued at 638 million dollars on Monday.
There were 291 rising issues, 252 losers and 587 issues were even.
"For those who are believers in technical charting, of course at the current level it is a good base for some rebound. Whether it is temporary or not we have to wait and see," he said.
Most blue chips were off from intraday highs due to profit-taking as investors opted for a cautionary approach in the absence of fresh leads, dealers said.
For the banks, DBS dropped 10 cents to 15.60, United Overseas Bank rose 20 cents to 13.80 and Oversea-Chinese Banking Corp was steady at 6.20.
Among other blue chips, Singapore Telecommunications fell one cent to 2.35, Singapore Press Holdings added two cents to 4.50, ST Engineering added one cent to 2.47 and Singapore Airlines was flat at 11.40.
Technology stocks were mixed with Creative Technology steady at 12.70, contract chip maker Chartered Semiconductor gained two cents to 1.08, Venture fell 20 cents to 12.80 and STATS ChipPAC lost one cent to 94 cents. In the property sector, CapitaLand advanced eight cents to 3.16, City Developments was 20 cents stronger at 8.70 and Keppel Land rose two cents to 3.82.