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Week Ahead: Markets Enters October with Cautious Optimism

 



Week Ahead: 29 Sept 2025

US markets entered October’s earnings season with cautious optimism, as Wall Street projects 3Q25 S&P 500 EPS growth of 7.9% (source: FactSet). From a technical perspective, we maintain cautiously bullish, monitoring for potential supply as the S&P 500 trades within the 6,600–6,750 range.

Short Term: 
S&P 500 (SPX):  The S&P 500 has followed our alternate view, consolidating around the 6,650 level. We are monitoring for technical signals to indicate direction moves, especially as the new 4Q25 quarter begins and earnings season approaches.

Hang Seng Index (HSI): The Hang Seng Index (HSI) is expected to trade within the 25,750–27,100 range in the upcoming week as we monitor for technical signals indicating potential directional moves. Investors continue to hold positions

Investors to hold core exposure as broader uptrend remains intact. No reversal signals yet. Traders to trade the consolidation between 6,600–6,750 until a breakout.
b The Straits Times Index (STI) support did not hold and traded out of the upward trend channel. Now we expect index to test immediate support at 4,200 zone. 

Investors to hold existing positions but avoid aggressive new entries until stability above 4,200 is confirmed. Traders watch for strong reversal candles or demand signals at 4,200. A rebound could offer a tactical long trade back toward 4,275–4,300.

Long Term:
S&P 500 (SPX) Upward Trend
Hang Seng Index (HSI) Upward Trend
Straits Times Index (STI) Uptrend Trend

Headlines Next Week:
US: Gov’t shutdown risk, Fed speakers (Waller, Jefferson, Goolsbee, Williams), ISM mfg & services, Sep labor report (NFP, UR, wages), JOLTS 
China: Golden Week holiday, CCP 4th Plenum (15th FYP review), Sep mfg & services PMIs.
Singapore: Sep PMI, retail sales, MAS MPS, F1 Night Race.

Disclaimers apply



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