Source: https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html

Us ended with a bang on Friday night as the party carried on. Nasdaq was up 2% as short sellers rush to cover their positions as the bulls got stronger. As market closed on Friday Moody’s came out with a cut on US outlook credit rating from stable to negative. US futures was off a little and the true impact could only be felt when market opens. This wouldn’t be too concerning with probably a knee jerk reaction.

What market would be looking for this week? CORE CPI tomorrow night (tuesday night US). A favourable number could rule out any rate hike for dec bumping the probability to even 90% . This could further fuel the rally which we are witnessing and hopefully you have benefitted from too . So eyes will be on that.

STI

Source: DTZ 13th Nov 2023

Our Straits Times Index hit our first resistance target of 3182 and started pulling back from there. The first support of 3120 didn’t hold which means we could now see the index drop to 3080 as the next support. So far banks have reported their results with mostly being inline with expectations. Not much catalyst left for our market expect to follow the general sentiments. With Nov and Dec seasonally being better months, we could see general bargain hunting for the market which could lift the index. Looking for a base to form around 3050-3080 level before a bounce. Also, IFAST does look a little extended and a pullback could be around the corner.

HSI

Source: DTZ 13th Nov 2023

The hang seng index had a good rebound hitting our 18k resistance. Although we would have liked the HSI to rebound further the rebound was short lived and selling resumed. We were looking out for the 5ema support which didn’t hold thus saw more downside for the HSI. One last support would be at the 16900 level. HSI was open on monday and it held its ground pretty well. It is still in a down trend and only staying above 18k then would we consider that the trend might be reversing. For now resistance at 17500. Breaking this could see it move up to the resistance of 18k. Looking bullish to us.

Your

Humbly

Kelwin & Roy

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