Thoughts on Week Ahead 20 Feb 2023: S&P 500 Technical Momentum Turned Uptrend
Thoughts on Week Ahead:
Week 20 Feb 2023
S&P 500 Technical Momentum Turned Uptrend
Although there may be short-term volatility, the technical momentum for the US market has turned upward. As a result, we will be reallocating the SPY ETF back into our hypothetical portfolio.
The travel sector is showing positive technical indicators, particularly Airbnb, which recently broke above its accumulation zone. Our Relative Strength and Fund Flow Index are also trending higher, suggesting that the price is likely to enter its Mark Up phase. Given these trends, we will be adding a tactical position in Airbnb (ABNB).
Market participants are anticipating the release of the FOMC Minutes this Wednesday, significant event of the week. US markets will be closed on Monday in observance of Washington's Birthday.
Headlines for Week Ahead:
US FOMC minutes, US Jan PMI, US 4Q22 GDP (2nd), US Jan PCE, US market shorten trading week, Corp Earnings (Alibaba, HD, Coinbase, NVDA, WMT, LCID, UOB, OCBC, CDL, SIA, Genting SP, Wilmar, Venture)