Mag7 Narrowing & Week Ahead

 





Mag7 Narrowing & Week Ahead
Following the "Mag7" earnings announcements, the market saw mixed reactions. While Facebook (META), Amazon (AMZN), and NVDA gapped higher, momentum wasn't universal across the group. Notably, Netflix, outside the Mag7, also posted a positive post-earnings jump.


Our ongoing focus revolves around deciphering whether this momentum signifies a narrowing concentration of market strength or a broader market expansion. By closely monitoring earnings reports across various sectors, we aim to ascertain whether the market is evolving beyond its traditional reliance on the Technology and Communication sectors.

Shopify Inc (SPOT): In trading range, Demand increasing, potential upward to continue. Target at 95, stop at 70.

American Eagle Outfitters Inc (AEO): In trading range, Supply exhausting, potential increase in demand. Target at 21.70, then 23.66, stop at 19.80.

Key events this week:

Alibaba (BABA): Tune in for Alibaba's earnings on February 7th for valuable intel on Chinese consumer spending and insights into the country's economic health.

 

DBS Earnings: This key Singaporean bank's results, also announced on February 7th, will serve as a barometer for the local market's sentiment.

 

Lunar New Year Break:

Please note there will be no weekly market update next week as we in view of Lunar New Year weekend. We wish you all a joyous and prosperous year ahead. Headlines for the week: - US Corp Earnings (MCD, CAT, PLTR, PYPL, SPOT, BABA, DIS) - SG Corp Earnings (DBS) - Global PMI reports, US FED Chairman 60 Minutes interview on CBS - China CPI - SG Retail Sales



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