The Week Ahead (13) - [STI, HSI, NASDAQ & S&P]

Markets started out shaky but gained firm footing towards the end of the week. Despite more Omicron infection, markets staged a nice Santa rally with US markets nearing all time high once again. US markets looks like it might have a chance to make a new high just before the year ends! Keeping our fingers crossed!

Key Events to Watch For

Tuesday – US CB consumer confidence, this measures the level of consumer confidence in economic activity. It is a leading indicator as it can predict consumer spending, which plays a major role in overall economic activity. Higher readings point to higher consumer optimism.

Wednesday – US Pending Home sales.

Thursday - Initial Job claims , this measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week.

Technical Levels to Watch For This Week

STI

STI as expected saw a push down on Monday but started recoverin towards the end of the day. Its trying its best to rebound but is now facing resistance at the 20ema. The general sentiment over in Asia is a little lacklustre with volume decreasing as traders take off for Christmas and year end break. The resistance of around 3120 has to be broken before any bigger move to come. Aviation stocks are holding well despite VTL tickets being suspended for the time being. Sembcorp Industries is looking interesting.

HSI

HSI also started the week down breaking that 23k support level. It soon found support as the Santa rally started to gain momentum. It’s still under the uptrend line and would need to break above the 20ma (23618) and that downtrend line of around 24200 before any meaningful upside is to come. HK does look like its bottoming out. So keeping a lookout for it.

For more analysis on the US market , you can click HERE!

Have a good week ahead!

Yours

Humbly

Kelwin&Roy

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