Forget Nvidia. Dell Technologies is at record high — but there's more to come

Additional Names to consider:

Dominion Energy (D US)

Applied Materials (AMAT US)

US markets stayed toppish last week, trading around the region of recent highs. The broad market index, S&P futures closed mixed as the gains from the tech sector supported the index despite a drop across other sectors such as financials and energy. NASDAQ futures, on the other hand, climbed by +1.27% and closed with a new all-time high. This comes as stellar earnings from NVDA saw the tech giant finish +12% higher last week, bringing the rest of the tech counters along with it as well. The softness from last week came mostly due to "good news is bad news" sentiment after economic data continued to show a robust US economy, possibly signalling a delay in any US Fed rate cuts.

Asian markets struggled last week with the HSI dropping the most by -4.93%. This was mostly due to negative news on insider trading lawsuits filed against one hedge fund giant and at the same time trading data showing that investors are pilling more money on interest bearing instruments and reducing positions in their equity holdings. NIKKEI225 closed last week marginally lower by -0.36% tracking weakness in the US markets as domestic inflation continued to ease. STI closed mixed as well due to the mixed sentiment across the board.

Daily Chart - [BULLISH ↗️ **] Dell shaped a strong bullish breakout of an ascending wedge. We stay bullish as long as price is holding above 150.00 support. A further push towards 177.00 resistance is expected. Technical indicators are advocating for a bullish scenario as well.

Daily Chart - [BULLISH ↗️ **] PDD just surpassed resistance. A further push up towards 172.50 resistance is expected. Technical indicators are bullish and advocating for a bullish scenario as well.

Daily Chart - [BULLISH ↗️ **] JD.com confirmed a triple bottom reversal pattern and is currently holding above short term ascending trendline support. As long as market holds above 28.70 support, a further push higher towards 33.40 resistance is expected. Technical indicators are bullish as well.

Daily Chart - [BULLISH ↗️ *] Mitsui is on an uptrend, holding above ascending trendline support. A further push higher towards 8545 resistance is expected as long as price continues to hold above 7750 support. Technical indicators are advocating for further upside as ewll.

Weekly Chart - [BEARISH ↘️ **] AIA failed to surpass 65.00 resistance and instead reversed below. A short term push lower towards 54.00 support is expected. RSI also reintegrated below resistance where prices pulled lower in the past.

Prepared by:

Isaac Lim CMT, CFTe