Market Technician

  Starhub (CC3) Broke above gap and key resistance level. Relative strength continues to out perform market index, STI and volume based momentum continues to stay positive. Can’t help but wonder what’s developing.  Disclaimers apply

  S&P 500 Technically Under Pressure As shared during our previous weekly update, US FOMC announce was a likely trigger of a directional move on the markets after weeks of consolidation. The financial markets reacted negatively to the Fed's talk of tightening and the expectation of prolonged high interest rates in the USA. Soaring oil prices have also added to inflationary pressures. Following a week of central bank announcements, the upcoming week will see a shift in attention towards key macroeconomic data. Markets will be focusing on the Personal Consumption Expenditures (PCE) Price Index, US FED’s crucial indicator of inflation trend. Data on personal income and spending will provide insights into consumer behavior and economic health. From a technical perspective, the S&P 500 has recently exhibited a gap followed by a subsequent downward movement, which is generally considered unfavorable for the markets. This downward momentum may potentially lead to a mid term do...

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  The US Federal Reserve is expected to keep interest rates unchanged at 5.25%-5.5% at its meeting today. All eyes will also be on the People's Bank of China's loan prime rate decision, following the surprise reserve requirement ratio cut this week. The S&P 500 continues to trade within a large range of 4,330-4,550, as demand and supply battle for dominance. The FOMC policy speech could be a trigger for a directional move. We do not have a tactical idea for US market. However, it's worth highlighting that the REITs sector has begun to witness increased activity in recent weeks, driven by expectations of a pause in interest rate hikes. Capitaland India Trust (C6YU:SGX), in particular, has broken out of its previous downtrend, suggesting the possibility of entering an accumulation phase before a potential uptrend. *Headlines for Week Ahead:* US FOMC Meeting US S&P Global PMI China LPR fixing SG Aug NODX

  Thoughts on Week Ahead: Week 11 Sept 2023 Stock market consolidating for directional move In the US, stocks fell for the third consecutive week, with the S&P 500 index down 1.29%. Possible driver of the sell-off could the decision by Saudi Arabia and Russia to extend their oil production cuts until the end of the year, adding to potential inflationary pressure. Technically, S&P 500 continues to  consolidate around 4,400-4,500 area for directional move.  While HSI, pulls back to 18,200 area on weak China economic data.  We have yet to uncover tactical set up for the week ahead but will remain on the lookout. Have a great trading week ahead.  Headlines for Week Ahead: Apple Event (Tues) US Aug Inflation, PPI, Retail Sales Report China Employment, Ind Prod, Retail Sales SG 2Q23 Employment Report  SG Presidential Inauguration (Non-mkt event) SG F1 Race Weekend (Non-mkt event) Disclaimers Apply

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  Chevon Corp (CVX) Expecting Price Mark Up Recent higher oil price is expected to aid the company’s bottom line. Technically, price breakout out from trading range. Both market indicators Relative Strength (RS) and Fund Flow Index (FFI) heading higher, we expect CVX to touch 1st target at US$171.80 , with 2nd target at US$179.60. Stop price below US$156.20. Disclaimers apply.

  Thoughts on Week Ahead: Week 3 Sept 2023 Tactical Opportunities in the Oil & Gas Sector US crude oil inventories are steadily decreasing as we move into mid-July, leading to an uptick in spot crude oil prices due to heightened market demand. Consequently, we anticipate a potential influx of funds into Oil & Gas stocks as investors position themselves to capitalize on improved earnings margins within these companies. This week, China has continued its efforts to bolster its economy by implementing more lenient mortgage policies for buyers in first-tier cities. This ongoing economic support is expected to bolster investor confidence, which bodes well for the Greater China equities market. Regarding the S&P 500 index, we maintain a cautiously optimistic outlook. We anticipate relatively subdued trading activity this week as market participants closely monitor the release of the US FED beige book, which will provide insights into the FOMC's rate policy outlook . Addition...