S&P 500 testing resistance, expect trading to remain volatile for the week ahead


Thoughts on Week Ahead:
Week 2 Oct 2023

Stock markets rebounded by the end of the week due to positive inflation data from both the US and Europe and a slight drop in bond yields. Anticipations are building if positive corporate earnings could carry into Q3, as the upcoming quarterly reporting season beings in mid-October.

Technically, S&P 500 is testing the 4,335 neck line resistance level. Bulls and bears are expected to battle in this zone and market could remain choppy for the week. We will classify the market as bullish once index breaks above 4,400 level. 

Straits Times Index (STI) continues to trade in sideways. Currently, resting at middle line, we are looking for more indicators for directional moves.

Gold's key technical support at US$1,800/oz after felling close to -4% for the week. 

In the upcoming week, investors will be looking out for US FED Chairman, Jerome Powell’s speech and September job numbers.

We have no trade set up identified for the week ahead and will update once we uncover any. 

Headlines for Week Ahead:
US FOMC Minutes
US NFP, ISM Mfg/Services & Sep CPI Reports
SG PMI & Retail Sales
China’s National Day Golden Week Holiday
HK markets closed on Monday

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