Market Technician

  Thoughts on Week Ahead: Week 30 Oct 2023 Although the US 3Q23 GDP report improved and earnings were satisfactory, the stock markets experienced a decline. Notably, major banks are raising funds despite strong earnings , highlighting the need for caution. At present, the S&P 500 is hovering within the 4,080-4,150 range, a crucial support zone. It is essential to monitor any indications of increased demand, as this level could present an opportunity for short-term trading. However, if there is a lack of buyer activity, there is a risk of the index experiencing further decline. A breakthrough above the downtrend line (Blue) would indicate a positive technical outlook. The spot gold price has surpassed the US$2,000/oz mark due to geopolitical concerns. Gold could to trade towards US$2,400 , provided that price remains above US$1,900. Looking ahead to the upcoming week, the US FOMC announcement has the potential to trigger significant movements in the stock markets once again. ...

  Thoughts on Week Ahead: Week 23 Oct 2023 **This week's report is shortened. Usual report will resume next week. Pointers: - Busy week, multiple key econ data and corp earnings releases - PCE report next week to shows if any signs of inflation moderation - Stocks under pressure, lookout for supply demand technical observations at key support levels. - Close watch on gold, breaking US$2,000, next technical target at US$2,400 Headlines for Week Ahead: US Corp Earnings (GOOGL, MSFT, META, AMZN, V, KO, GM, and SPOT) SG Corp Earnings (UOB, Wilmar) US Sept PCE, 3Q23 GDP China Sept Ind Profits Global PMI Survey SG Sept CPI & Ind Prod Disclaimers apply

  Thoughts on Week Ahead: Week 16 Oct 2023 Oil and gold prices experienced significant increases due to escalating tensions in the Middle East affecting oil supplies, and gold's appeal as a safe investment. Most major US banks performed better than expected, exceeding the predictions of financial analysts. Looking ahead, the market will closely observe how it responds to earnings , considering the current high-interest environment and the evolving situation in the Middle East. Additionally, there will be a keen focus on China's economic data. From a technical standpoint, the S&P500 index failed to surpass the 4,400 resistance level. Consequently, it is anticipated that the index will remain within the 4,220-4,380 range, or might test the 4,220 support level again. Investors will gauge the market's direction based on how individual stocks react to earnings announcements. It is advised to closely monitor the movement of gold for potential trading opportunities. No speci...

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  Thoughts on Week Ahead: Week 9 Oct 2023 The past week has been quite a turbulent ride in the stock market, as it grappled with mixed signals from economic data concerning the outlook for interest rates. Investors are closely monitoring the current earnings reports to discern whether the robust economy can withstand a high-interest-rate environment. Positive earnings surprises could potentially aid in the market's recovery following a recent correction. Aside from corporate earnings, investors are also keenly interested in the release of the US FOMC minutes, the US CPI report, China's trade figures, and Singapore's GDP data. From a technical perspective, major asset classes like Gold, Oil, NASDAQ, and the S&P 500 have all reached their respective support levels, with minor support for the latter. We anticipate that bargain hunting will pick up steam, potentially leading to at least a short-term upward movement in the week ahead. Nevertheless, we remain cautious and wa...

  Thoughts on Week Ahead: Week 2 Oct 2023 Stock markets rebounded by the end of the week due to positive inflation data from both the US and Europe and a slight drop in bond yields. Anticipations are building if positive corporate earnings could carry into Q3 , as the upcoming quarterly reporting season beings in mid-October. Technically, S&P 500 is testing the 4,335 neck line resistance level. Bulls and bears are expected to battle in this zone and market could remain choppy for the week. We will classify the market as bullish once index breaks above 4,400 level.  Straits Times Index (STI) continues to trade in sideways. Currently, resting at middle line, we are looking for more indicators for directional moves. Gold's key technical support at US$1,800/oz after felling close to -4% for the week.  In the upcoming week, investors will be looking out for US FED Chairman, Jerome Powell’s speech and September job numbers. We have no trade set up identified for the week a...