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Markets searching for technical support

 


Thoughts on Week Ahead:
Week 21 Aug 2023

Markets searching for technical support
US FOMC minutes have confirmed market’s fear of a hawkish US FED. This fear has triggered a continued sell-off in global equities over the past week.

China economy and policy did not help too much either. China Evergrande filed for chapter 11 in US while Country Garden future remain uncertain as investors continue to keep an eye for a more aggressive policy from Beijing to support the economy and people’s confidence.

From a technical perspective, markets are searching for technical support levels, where bargain hunters are willing to come in. Support levels are 4,300 for S&P 500 and 3,130 for STI.

For the week ahead, market participants will be zooming in on US FED Chair Powell’s speech at the Jackson Hole meeting. 

We did not uncover trading (tactical) set up for the week ahead and will update once we identify any. Have a great trading week ahead. 

Headlines for Week Ahead:
Key corp earnings (Nvidia:US, CCB:HK, PDD:US, Meituan:HK)
US Jackson Hole Symposium
Global PMI Reports
China LPR fixing 
SG July CPI and Ind Prod



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