Crazy week with crazy volatility as the S&P swung from red to green and green to red. Many stop loss were hit along the way and it was probably a tough time for short term traders but for the long term investors, it was a golden opportunity to pick up quality stock at a bargain. The hawkish fed pushed market further down after its statement BUT once again markets looks like its holding up pretty well! Read on to find out our thoughts on the market.
Key Events to Watch For
Tuesday – U.S ISM Manufacturing purchasing Managers Index
Wednesday – Crude Oil Inventories , ADP Nonfarm Employment Change
Thursday – ISM Non-Manufacturing PMI
Friday – Nonfarm Payrolls
There are many big earnings coming out this week like Alphabet, Starbucks, Meta so do take note of your companies which are releasing results this week.
Technical Levels to Watch For This Week
Its going to be a relatively short week for Singapore market as she breaks for the Chinese New Year holidays.
Singapore market will be on half day on 31st Jan , closed on 1st and 2nd Feb and will be open on 3rd Feb (Thursday). Volumes are expected to be lesser as traders will probably take off and rest for the week.
STI has come down to our first level of support which we mentioned last week. Banks pulled back with the only exception of OCBC powering through the week playing catch up. We still waiting for further pullback before making any moves in Singapore. STI testing the 3200 support area might be a good chance to look at the Singapore markets again.
Sembcorp Industries has been holding up very well and the E- stocks are seeing a rebound after a hard slam down.
Hong Kong will have an even longer break. Opening on 31st Jan for half a day and will be closed all the way till Thursday (3rd Feb) and finally opening on 4th Feb. With just around one day of trading, markets could be softer and we’re looking. HSI came off together with the global negative sentiments and is currently sitting on the short term uptrend line. We’re expecting a bit more pullback before a rebound comes. We’re still bullish on HSI.
The S&P 500 and Nasdaq are currently trying to find a base and its been a good opportunity for investors to scale in to quality companies. Not sure of what companies to look out for? Just drop us a message.
For more analysis on the US market and where it might head to, you can click HERE!
Have a good week ahead!