Week Ahead: 7 Apr 2025 With the announcement of Reciprocal Tariffs, investors will be closely monitoring the responses from the affected countries in the week ahead, as well as President Trump's reaction to China's retaliation. Medium Term: S&P 500 (SPX): The downtrend has accelerated, with the S&P 500 continuing its decline and closing at our second support zone (Fibonacci 2.618%). The FFI indicates an extreme move. Our base case suggests that the index may consolidate within the 5,000–5,200 range in the coming week. In a worst-case scenario, the index could remain at current levels before trending lower. To signal any potential trend reversal, a decisive close above our upper downtrend line is required. Straits Times Index (STI): In line with our analysis, the Straits Times Index (STI) has turned lower, closing at its immediate support zone between 3,800 and 3,850. In the week ahead, if STI breaks below 3,800, it has the potential to test the next support zone at 3,...