S&P 500 at All Time High & Week Ahead

 





The S&P 500 has reached an all-time high, driven predominantly by the strength of tech stocks. From a technical standpoint, the index is showing resilience as long as it stays above the 4,800 level, leading us to anticipate a potential move towards the 5,000 mark. Nevertheless, our volume-based momentum indicator (FFI) is displaying divergence, prompting a degree of caution regarding the current phase of the rally.

In the semiconductor sector, stocks are still reaping the benefits of the ongoing upturn cycle, notably with NVidia (NVDA) taking the lead. Looking ahead, the upcoming week will feature Tesla's results, offering some valuable insights into the electric vehicle market, while Visa's report will shed light on consumer confidence.

Micron Tech (MU), price broke above consolidation range, potential move towards 94, possible 100. Stop below 84.00 (10 SMA).   

Our stance on the US market remains bullish, maintaining a long position, but we exercise selectivity when it comes to the Singapore and Hong Kong markets.

Headlines for the week:
- Corp Earnings (Tesla, Netflix, Visa, Intel, SG REITs)
- US PCE, 4Q23 GDP
- China LPR Fixing
- SG Dec CPI, Dec Ind Prod, MAS Policy, Unemployment Rate


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