Continue to be cautious


Continue to be cautious 

Both the US and Singapore stock markets witnessed a surge last week, buoyed by a depreciating dollar and expectations that interest rates may have reached their peak.

However, Friday's trading session saw the markets relinquish their intraday gains following the announcement of financial results from major US banks. From a technical standpoint, this observation does not bode well for bullish investors.

As we venture into the coming week, the markets will continue to be heavily influenced by the ongoing earnings reports.

Currently, both the US and Singapore indexes are trading at crucial resistance levels, while the Chinese market is trading at a significant Fibonacci support level of 61.80%.

In light of these developments, we maintain a conservative approach towards the upcoming week

Headlines for Week Ahead:
Corp Earnings (BAC, MS, GS, IBM, NFLX, TSLA, JNJ, PM, and AXP)
China 2Q23 GSP
China Economics Data (Ind Pro, retails sales, employment)
US Retail Sales
US Manufacturing Survey
G20 Finance Ministers & Central Bankers summit

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