Post Fed hike and markets have generally trend higher. Ever since S&P 500 has broken above one of its key resistance level of 4300, we have seen it moved up another 5% to touch the 100days simple moving average. A very nice gain for the past week or so. This post will be slightly shorter as Covid has taken over the household and rest and recover is the order of the day.
STI has hit our 3402 upside resistance and find see it push up further this week. Recovery stocks were in play as Covid measures were eased and borders measure further lax as we welcome more international travelers. This caused the 3 S stocks like SATS, SIA and SIA Engineering to FLY. We caught SIA Engineering and SATS which made our client’s week much happier! Electronic stocks also saw recovery as previously mentioned and AEM led the pack in pushing it up. Next upside resistance at around 3453 and downside support at 3349
Some pullback in the HSI which is healthy as there was a huge rebound. If HSI pullbacks to around the 20k mark which covers the gap and stays around there. This would signal a good higher low in progress! Will be keeping a watch out for that as the HK markets now looks more promising! Tencent posted a set of results that was up to analyst expectation but with slower growth as a concern this caused some pullback in the stock. Waiting for a base to be built before any long entry.
For more analysis on the US market and where it might head to, you can click HERE
Have a good week ahead!