Week Ahead 16 – 20 March
S&P 500 (SPX):
Index fell below 6,789 support suggesting more downward pressure. Index could retest 6,550 level. FFI negative trend continues. Looking out for reversal of oil supply constraint or policy changes.
Tactical Trade:
Defensive short trades on rally preferred.
Long Term Direction:
Upward trend (Cautious)
Directional Probability:
Bullish (break above 7,002): 5%
Rangebound (6,550–7,002): 40%
Bearish (break below 6,550): 55%
Hang Seng Index (HSI):
Index nears key support zone, trend line base coupled with price support. If price fell thru, near support at 24,031
Tactical Trade:
Neutral
Long Term Direction:
Upward trend (Cautious)
Directional Probability:
Bullish (Above 28,500): 20%
Rangebound (25,150–28,500): 60%
Bearish (Below 25,150): 20%
Straits Times Index (STI):
STI trading at critical level. Closing lower would mean STI transiting from upward trend to Sideway trade. Near support at 4,697, then 4,353.
Tactical Trade:
Neutral
Long Term Direction:
Upward Trend (Cautious)
Directional Probability:
Bullish (Break above 5,041): 10%
Rangebound (4,697 - 5,041): 50%
Bearish (below 4,697): 40%
Headlines to Watch:
US: FOMC decision, Oil Prices and ME development
China: Home prices, Ind Prod, Retail Sales, Mar LPR fixing
Singapore: Feb NODX, Employment Report
Wishing all Muslim friends a Selamat Hari Raya Puasa!
Disclaimers apply