It was a relatively volatile week and with the jackson hole meeting finally out of the way this now paves the way for the next Fed meeting.

As we’re entering Sept a seasonally weaker period we could see market starting to be more volatile too. That said, it doesn’t mean we will wait for a BOTTOM which nobody knows but at certain support levels that’s when we will scale in. We do look at this pullback as an opportunity to add good quality shares.

STI

Chart Source: DZH 27aug 2023

Straits Times Index saw a rebound as we expected. Reaching close to the 3130 levels. Many stocks saw some rebound which we could see it continue for the week. The resistance we’re looking at its at around the 3220 level. We’re seeing the banks leading the rebound and Sembcorp the darling of STI also showing signs of rebound. After hitting the resistance we might want to be a little cautious as we could still see some pullback after that. So don’t go too crazy

HSI

Chart Source: DZH 27aug 2023

Hang Seng Index formed a base for the week and started to show some rebound. We might not be out of the WOODS yet as HSI still remains unstable due to many downgrades and its property sector still not showing signs of rebound. It’s important to ensure proper allocation to the Hong Kong market and not putting all your eggs in one basket. We could see the HSI rebound to the 20ema at around 18522 level before meeting with meaningful resistance. Geely holding up well last week despite the sell down.

Head over to our facebook for more updates on the S&P and Nasdaq.

Yours

Humbly

Kelwin & Roy

The post The Week Ahead Aug 2023 - [STI, HSI, NASDAQ & S&P] appeared first on Singaporehumblestock.