The Week Ahead May 2022 – [STI, HSI, NASDAQ & S&P]
Another volatile week as US markets swung to both the up and down and settled down at the end of the week. Markets around the world continue to face downwards pressure as Fed increased rates last week and the 10 year yield curve crossed over the 3% mark. We continue to watch and wait for more signals for the US markets.
Key Events to Watch For
US companies continue to report their results this week and also on Wednesday, the US CPI numbers will be released.
Wednesday – CPI numbers
Thursday – US PPI
Markets will probably be watching these numbers to see how inflation has been so far.
STI
STI was in range for the week and is now sitting at our support of around 3297. The support doesn’t look like it might hold as market hasn’t found a firm footing yet. The next downside support is at around the 3250 area. But meanwhile, there are still pocket of stocks still moving up like the coal related stocks. Our local banks are also taking a break and might see further downwards momentum.
HSI
HSI also came off to the support of 20k once again and it does not seem like it’ll hold at this price. Short term as mentioned we’re not bullish as yet as HSI can’t break the downtrend line and can’t remain above the 5ema too. Downside support at around 19490 level as HSI continues to find a base.
For more analysis on the US market and where it might head to, you can click HERE
Have a good week ahead!
Yours
Humbly
Kelwin&Roy
