Corporate Earnings and Middle East Development to dominate the headlines
Thoughts on Week Ahead:
Week 16 Oct 2023
Oil and gold prices experienced significant increases due to escalating tensions in the Middle East affecting oil supplies, and gold's appeal as a safe investment. Most major US banks performed better than expected, exceeding the predictions of financial analysts.
Looking ahead, the market will closely observe how it responds to earnings, considering the current high-interest environment and the evolving situation in the Middle East. Additionally, there will be a keen focus on China's economic data.
From a technical standpoint, the S&P500 index failed to surpass the 4,400 resistance level. Consequently, it is anticipated that the index will remain within the 4,220-4,380 range, or might test the 4,220 support level again. Investors will gauge the market's direction based on how individual stocks react to earnings announcements.
It is advised to closely monitor the movement of gold for potential trading opportunities. No specific trading setup is recommended for the upcoming week, adopting a conservative approach.
Headlines for Week Ahead:
Corp Earnings (BAC, GS, AXP, MS, JNJ, PG, NFLX, TSLA, ATT, TSM. Keppel Corp)
US Sept Econ data, US FED Chair speaks (Thurs)
China 3Q23, Sept Econ data, LPR fixing
SG Sept NODX