Pullback was very much expected as Reits and banks were sold down during the week due to raising interest rates. The Straits Times Index came off after it broke down from out downtrend line we drew and more than expected as stocks took a hit with renewed fear of raising inflation. For this week, STI might try to consolidate around the 3100 area before any moves. A week’s consolidation is healthy for us.

HSI

HSI still continuing its march down as market looks ahead to the CCP meeting coming this month. All eyes on that and Xi’s future plan for China with regards to Covid. On October 1, China celebrates its 73rd National Day, commemorating the founding of the People’s Republic of China. National Day also marks the beginning of the week-long holiday known as Golden Week. Due to Covid19 restriction, this has caused quite a bit of chaos as travelers try to make their way home. For this week, HK side might be slightly muted as China is closed for the week and HK will have a public holiday on 4th Oct. A zoom out for HSI to Oct 2021 might give some support for the HSI around 16800 level. We could see HSI slowly drift down to this level before CCP meeting.

Do head over to our Facebook page for more updates on S&P500 and where it might head after the massive sell down. Updates for Nasdaq is also over there.

Yours

Humbly

Kelwin & Roy

The post The Week Ahead Oct 2022 - [STI, HSI, NASDAQ & S&P] appeared first on Singaporehumblestock.