Market Technician

  Week Ahead, 19 Oct 2024 Are we in ASML's weak outlook reality or TSMC's AI boom outlook reality? Either way, we remain bullish yet cautious on the markets, as indices hit fresh highs and market sentiment becomes overly optimistic. We continue to monitor signs of market demand and supply to guide our medium-term outlook. Macro News: - US DJIA, S&P 500, Gold, and Germany's DAX all closed at record highs on Friday. - China's central bank chief signals the possibility of further interest rate cuts. Market Trends: 1. Long Term: - The trend for both the S&P 500 and the Hang Seng Index (HSI) remains upward. - The Straits Times Index (STI) shows a neutral to upward trend. 2. Medium Term: - The S&P 500 is nearing our 5,900 technical target level. We remain cautious and are monitoring directional movements. - The STI is moving higher toward the 3,700 technical target level, with immediate support at 3,500. - The HSI is at its first support level, 20,600 (Fibonacci 3

  Blackstone Inc (BX): Expecting Upward Move Price rebounded from support, expectations of retesting US$161.25 high, with both volume-based momentum indicator (FFI) and relative strength moving higher. ❗️IMPT: Earnings Report on 17 Oct. Could experience sharp volatility Disclaimers apply

  Summary for Week Ahead, 14 Oct 2024 S&P 500 technical target at 5,900-6,000 zone, cautious uptrend continues as long index holds above 5,650 support. STI consolidating with immediate support at 3,500 China A50 remains in upward trend, index consolidating in the near term.  Headlines for the week: - US Corp Earnings (BAC, C, LVS, MS, NFLX, PG, AXP) - US Aug CPI, PPI, FOMC Minutes,   - China CPI, 3Q24 GDP - SG Adv 3Q24 GDP, Sept NODX  Disclaimers apply

  US Energy Sector Technical Breakout, Potential Retest of Previous High A bullish breakout was observed in XLE, and supported by volume momentum (FFI). Price could retest target at around $100 , with a risk-management stop below $87.03.  Disclaimers apply.

  Netflix (NFLX) Upward Trend Expect to Continue Technically, Netflix is in a uptrend, with potential for further gains. The breakout above $711.33, coupled with steady price action, points to possible upside targets at $761.33 and $811.32. However, falling below $686 (cut loss level) would falsify the technical view.  The move is support by stronger US and European economic data released recently, pointing to a more resilient consumer market. Disclaimers apply.

  Can I Still Buy into This China Rally? Technical Picture: KWEB ETF (CSI China Internet Sector) signals a potential bullish reversal after a period of downtrend and consolidation. The breakout (Sign of Strength) above $36.04, accompanied by strong volume (FFI), suggests further upside potential, with targets in the $51.00 zone (and possibly $67.00), supported by Beijing's series of economic stimulus measures. Technically, the upward outlook remains valid as long as the price stays above $35.87. Investor Strategy: Using a 61% stop-loss strategy, an investor could consider entering a position in KWEB.  The next step would be to calculate how much risk they can tolerate if the price drops below the 61% retracement level (around $30.00), at which point the investor would exit the position, assuming a reversal in macroeconomic conditions. Disclaimers apply.