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S&P 500 Technical Breakthrough

 




Technical Breakthrough
Last week marked significant gain in the financial markets; not only did we witness progress in the debt ceiling, but the S&P 500 also broke above the key 4,180 resistance point after weeks of consolidation. Given the break and the prevailing trading character, we anticipate the market index to approach 4,300.

Investor confidence continues to surge, spurred by the growth of mega tech and semiconductor stocks. The underlying theme driving these price movement is Artificial Intelligence (AI) demand.

Our strategy remains consistent - we continue to hold long positions in the market, eyeing for any signs of strength in stocks. One noteworthy performer is Pinduoduo (PDD, US), which successfully broke above its downtrend line. Coupled with the Fund Flow Index (FFI) in positive territory and Relative Strength (RS) breaking above its zero line, we foresee the price gaining more momentum as consumer sentiment and spending in China improve.

Headlines for Week Ahead:
US Debt Celling Negotiation final phase
US PMI
US Jobs Data
China Apr Eco Data
SG SPIMM PMI
SG Retail Sales
SG Short trading week (Vesak Day)


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