The Week Ahead (8) - [STI, HSI, NASDAQ & S&P]

Once again, Electronic stocks, chip makers took center stage as these saw a very nice move up for the whole of last week. And we’re glad to have caught them like MU, AEM, UMS.

Penny stocks are also starting to fire up , so if you’re into penny trading then get ready. BUT do remember to have your proper stops in place as we all know how volatile pennies can be.

Another major event was Alibaba’s results which resulted in a huge sell down while JD enjoyed nice rally after its results. What an exciting week it was. So now lets look ahead!

Recap for STI & HSI

STI was flattish this week with DBS pushing to and of course our Electronic stocks, AEM, UMS, ISDN and Nanofilm pushing higher. The rest of the market was actually sluggish and very range bound.

Over in Hong Kong, JD saw a nice rally after its results and breaking above its resistance. Whereas Alibaba took a beating BUT this might present some good opportunity for those who don’t have Alibaba in their portfolio.

Markets were rough in HK after its initial move up which then saw a bigger drop towards the end of the week.

Key Events to Watch For

The White House said last week that President Joe Biden will likely decide before Thanksgiving whether to keep incumbent Fed Chair Jerome Powell in place for another term or promote current Fed Governor Lael Brainard to the position.

Analysts expect some stock market volatility around the announcement, particularly if Brainard is chosen.

Brainard is seen as more dovish than powell and could consider the timing for further rate hikes.

Monday – Existing Home Sales

Wednesday – Core Durable Goods, Initial Jobless Claims, New Home Sales and crude oil inventories

FOMC meeting minutes

Thursday & Friday are off for the US market due to thanksgiving

Technical Levels to Watch For This Week

STI

Chart Source: Poemsview 21st nov2021

STI getting in a sideways consolidation but be alert for any move up or down as this might set the direction for the next coming weeks. A downside could be seen till the 40ema whereas the upside might break above that previous high. We still prefer to see individual stock at this juncture as the STI looks undecided for the moment. It is flirting with the 20ema and only with a stronger close and rebound above it then will we be more convicted of an upmove.

HSI

HSI had a rebound but like STI it could not sustain the rally. A new downtrend resistance can be seen and a new short term uptrend line for the HSI has also been established. HSI could start trading within this range before a more decisive move. If that uptrend breaks we might see more downside to 23,800.

Trade safe and remember to have a sound trade plan!

To know more about the outlook for S&P and Nasdaq, just CLICK HERE!

Have a good week ahead! Drop us a message if you want to discuss further!

Yours

Humbly

Kelwin&Roy

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