Dow Jones PLUNGES more than 900 points for its worst day since 2020! US markets are having a rough time and if you’re an invested in the US markets, its natural to feel fearful or SIAN. Fed’s Powell spooked the markets as he said a 50 basis point for may hike is very possible which sent market into a nose dive.
As retailers are scrambling for the exit, we hope you’re invested into good solid companies that can withstand the test of time. TESLA is one of them, despite all that the market is going through, we can see that TESLA is still standing strong. More earning results coming out this week so be alert. To find out more when are the other companies reporting results, you can head over HERE.
And STI has pulled back to 3300 level as mentioned last week. After testing that level some rebound came too. Even though STI came off, we still saw individual stocks moving up and hitting our targets. It is currently resisted around the 3360-3371 level. With US very weak closing, we might see some negative sentiments flowing in first. With Singapore relaxing more of its measure and going back to pre-covid norms, we might see STI inching out a gain this week.
HSI also came off as expected. It covered the gap to come down close to 20k support level. We’re still not bullish for the short term and would be looking out for signs of a reversal first. If we look closely, the 5ema has been pinning down the index and it hasn’t been able to stay above that. In addition, the downtrend is also pinning it down. So waiting for further signal to turn short term bullish. For long term investors, once again, opportunities arises!
For more analysis on the US market and where it might head to, you can click HERE
Have a good week ahead!