Market Weekly Outlook

Week Ahead - 13 May 2024

After being presented with the “Mee Siam” cake, PM Lee will be stepping down this week, with Finance Minister Lawrence Wong stepping up to lead Singapore into the future. Meanwhile, the Straits Times Index (STI) continues to trade within a range, showing potential to retest the 3,350 level, with support at 3,240. The release of April's non-oil domestic exports on Friday could significantly influence the STI, especially as earnings announcements begin to taper off.

Currently, no significant technical signals have been observed in the US, Hong Kong, and China markets. The US S&P 500 is range bound between 4,950 and 5,250. Separately, President Biden's announcement of imposing 100% tariffs on Chinese EVs, we are closely monitoring for any notable technical movements in these stocks.

In Asia, the China A50 index is expected to retest its previous high of 13,500, bolstered by growing investor optimism and a series of economic and housing measures from Beijing. The Hang Seng Index (HSI) has reached a resistance zone at 18,400. If it maintains this level, the next resistance point to watch is 20,000.

Our strategy focuses on seeking long trades in the Hong Kong market, while adopting a selective approach in the Singapore and US markets.

Headlines for the week:
- US Corp Earnings (Home Depot, Walmart)
- SG Corp Earnings (SIA)
- US Apr CPI report, FOMC Chair Powell speaks
- China Apr Econ data
- SG Leadership transition, Apr NODX report

Disclaimers apply

Palantir Technologies Inc PLTR: Technical Rebound at Sight After US Broad Market Stabilises

Palantir Technologies Inc. (PLTR) USD86.24 Palantir (PLTR) posted a bullish reversal, closing above the 13-day SMA (83.56) with significant volume expansion. This signals potential momentum strength in the near term. First key resistance zone between the 50% and 61.8% Fibonacci retracement levels (USD 99.85 – 105.79), which could present selling pressure. Disclaimers apply

DBS Group Holdings (D05) and Straits Times Index (STI): Technical Change of Momentum

DBS Group Holdings (D05) and Straits Times Index (STI): Technical Change of Momentum Recent price developments in DBS Group Holdings (SGX: D05) and the Straits Times Index (STI) signal a critical inflection point. Both instruments have breached established ascending trendlines, suggesting a potential reassessment in investor sentiment and market trajectory. DBS Group Holdings (D05) Price Dynamics: DBS has decisively broken below its ascending trendline, closing at SGD 44.23, registering a 3.53% decline. The price action underscores weakening upward momentum and raises the probability of an extended correction phase. Key Technical Levels: 38.2% Fibonacci retracement: SGD 41.45 50% Fibonacci retracement: SGD 39.78 61.8% Fibonacci retracement: SGD 38.12 Full retracement: SGD 32.72 Outlook: The breach beneath the trendline suggests an erosion of bullish conviction. Immediate attention should be on the 38.2% retracement le...

Week Ahead: US Indices Momemtum in Question

Week Ahead: 10 March 2025 Key event this week was U.S. indices technically closed below the key 30-week (or 150-day) moving average . For the upward trend to continue, the indices need to reclaim levels above the moving averages. Remaining below the 30-week (or 150-day) moving average could indicate that the upward trend has reversed downward. However, in the short term, we expect a rebound as the indices trade near their respective support levels. Medium Term: S&P 500 (SPX): The S&P 500 broke below its key upward trendline, which had been established since October 2023. In the longer term, we expect the index to trade sideways or move in a downward direction. In the short term, we anticipate the S&P 500 will find support at the 5,700 level and could rebound to test the 5,860 and then the 5,966 resistance zones. Straits Times Index (STI): The technical trend remains bullish. We maintain a constructive outlook while staying vigilant for any sig...

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