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