Week Ahead: Markets Expect to Turn Cautious with U.S. Presidential Election Approaching

Week Ahead, 28 Oct 2024

As demand for Labubu soars, markets are becoming more cautious in anticipation of potential surprises, with the U.S. Presidential Election approaching.

Macro News:

- Israel has launched strikes on targets across Iran, and investors are closely monitoring the situation for any further escalation, particularly its impact on oil prices.

- Strong U.S. economic data continues to provide upward support on long-term interest rates, putting ETFs like TLT under pressure.

Market Trends:

Medium Term:

- The S&P 500 is trading around our 5,900 technical target level. We remain cautious for the week ahead and are closely monitoring directional movements.

- The STI is trading within the 3,570-3,640 range. Likewise, we are keeping an eye on potential directional shifts.

- The HSI remains at its first support level of 20,600 (Fibonacci 38.2%).

Long Term:

- S&P 500 remains upward

- Hang Seng Index (HSI) remains upward

- Straits Times Index (STI) neutral to upward trend.

Headlines Next Week:

- US Corp Earnings (MSFT, GOOGL, V, MA, KO, AAPL, AMZN, MA, XOM, and ABBV)

- SG Corp Earnings (Wilmar, Mapletree Ind Tr)

- US Adv Est 3Q24 GDP, SDM Mgf PMI, PCE

- China s Sept PMI

- SG Sept CPI

Disclaimers apply

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