Thoughts on Week Ahead:
Week 28 Aug 2023
Looking out for technical reversal indication
Past week was an eventful one, with significant developments ranging from the arrest of former US President Donald Trump to BRICS expanding its membership to include financial powerhouses Saudi Arabia and the UAE.
However, the focal point for the financial markets remained the speech by the US Federal Reserve Chair at Jackson Hole. The Chair highlighted that current economic condition is more favorable and hinted at holding rates during the Sept FOMC meeting, but also suggested a possible 25 basis points hike later in 2023, aligning with market expectations.
Personal view, mixed rate outlook could suggest potential interest rate pivot (peak).
Currently, both the S&P 500 and Hang Seng Index are in the process of establishing support levels at 4,300 and 17,800, respectively. We are closely monitoring these markets for signs of supply exhaustion, which would indicate a potential reversal.
Intuit Inc. (INTU)
Saas company for small business and individuals, such as Quiickbooks, CreditKarma, Mailchimp etc.
Reported strong quarterly earnings as revenue grew +13% yoy. Stock price maintained about accumulation range US$252-492.
Will put on watchlist to buy on any price pull back, with next potential price target includes US$550 & US$692. Will reduce position amount if decides to add at current price.
Stop price at below US$443.
Headlines for Week Ahead:
US Corp Earnings (Salesforce.com, Broadcom)
China Corp Earnings (ICBC, BOC, BYD Co., Sinopec, PDD, Ping An Ins, NIO)
US PCE, ISM Mfg, Job Opening
China PMI
SG PMI
SG Presidential Election