Markets rally post-Election as BTC hits new high, with stocks such as MCD, LNG and more in focus
Stocks to Watch
Daily Chart -[BULLISH ↗ **]MCD US consolidating above 290.35 support. As long as price is holding above this level, we expect a bounce towards 317.20 resistance. Technical indicators are advocating for a bullish scenario as well.
Alternatively: A daily candlestick closing below 290.35 support level could open drop towards next support at 275.10.
Daily Chart -[BULLISH ↗ **]LNG US shaped a strong bullish breakout of ascending wedge. As long as price is holding above 192.70 support, a further push higher towards 1st resistance at 220.00 before next resistance at 229.40 is expected. Technical indicators are bullish as well.
Alternatively: A daily candlestick closing below 192.70 support could open drop towards next support at 180.15 level.
Daily Chart -[BEARISH ↘ **]8058 JP holding and reacting below descending trendline resistance started since March this year. As long as price is holding below 2880 resistance, a further drop towards 2350 support is expected. Technical indicators are advocating for a bearish scenario as well with bearish momentum building.
Alternatively: A daily candlestick closing above 2880 resistance level could open a drop towards next resistance at 3090.
4H Chart -[BULLISH ↗ **]2020 HK drifting higher and holding above 82.40 support. As long as price holds above this support, a further push higher towards 95.00 resistance is expected. Technical indicators are advocating for a short term bullish scenario as well.
Alternatively: A daily candlestick closing below 82.40 support could open drop towards next support at 76.00.
Daily Chart -[BULLISH ↗ **]5E2 SP pulled back and reacted above 1.88 support level. A bounce reaction is expected this support towards 2.15 resistance level. Technical indicators are advocating for a bullish scenario as well.
Alternatively: A daily candlestick closing below 1.88 support will open a correction towards next support at 1.68.
What Happened Recently (4 Nov - 8 Nov)
US markets closed higher last week, with $E-mini S&P 500 Futures(DEC4) (ESmain.US)$ and $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$ melting up by 4.64% and 5.35% respectively. This comes after a series of events with Trump winning the 2024 presidential election, the expected quarter basis point rate cut and outperforming consumer sentiment data. Among other stocks, $Tesla (TSLA.US)$ and $Axon Enterprise (AXON.US)$ pushed the most by 27.45% and 41.64% respectively. Traders are currently pricing in a probability of 64.9% of a quarter basis point rate cut in December. Traders should look towards initial jobless claims, CPI, PPI and retail sales data out this week.
Asian markets closed higher last week as well, mirroring the US indices. $Nikkei 225 (.N225.JP)$ climbed higher by 3.62% last week, with the finance sector advancing the most. Traders should watch out for PPI data out on Wednesday. $HSI Futures(NOV4) (HSImain.HK)$ drifted marginally higher by 0.28%. Chinese traders were disappointed with the stimulus package rolled out by NPC on Friday as they expected a larger package after Trump's win in the election. Traders are cautious ahead of China's economy in navigating the tariff threats from the US. $FTSE Singapore Straits Time Index (.STI.SG)$ pushed the highest by 4.75% last week. The finance, communications and producer manufacturing sector saw the most strength. The Big 3 Banks, with $DBS Group Holdings (D05.SG)$ and $UOB (U11.SG)$ climbing the most by 10.13% and 11.81% respectively, after DBS announcements of share buyback programme and UOB considering introducing it as well.
Prepared by:
Moomoo Singapore
Isaac Lim CMT, CFTe
Chief Market Strategist
Chief Market Strategist
This report is provided for informational and general circulation purposes only and should not be construed as an offer, solicitation, or recommendation for the purchase or sale of securities, futures, or other investment products. It does not take into consideration any particular needs of any person. This advertisement has not been reviewed by the Monetary Authority of Singapore.
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103916021 : k
103827803 : good