Traders looking out for inflation numbers while chinese markets continue to rally
Stocks to Watch
Daily Chart -[BULLISH ↗ **]V US is holding above a tactical ascending trendline support since the end of July. As long as price is holding above 274.30, a further push higher towards 1st resistance at 280.52 is expected before pushing towards 2nd resistance at 288.65. Price is holding above 34 period EMA while Stochastic indicator has reacted above supports where price bounced in the past.
Alternatively: A daily candlestick closing below 274.30 support will see a deeper pullback towards next support at 265.25.
Daily Chart -[BULLISH ↗ **]MDT US has shaped a bullish breakout but is now consolidating. As long as price is holding above 84.50 support, a pause first is expected before shaping a fresh push higher towards resistance at 95.00. RSI is approaching support where price bounced strongly in the past.
Alternatively: A daily candlestick closing below 84.50 support will open a drop towards next support at 75.90.
Daily Chart -[BULLISH ↗ **]7733 JP has shaped a bullish breakout above tactical descending trendline resistance (now support). A pause above 2677 support is expected before shaping a fresh push higher towards 2950 resistance level. Technical indicators are advocating for a bullish scenario as well.
Alternatively: A daily candlestick close below 2677 support will open a pullback towards next support at 2480.
Daily Chart -[BULLISH ↗ **]669 HK just shaped a new bullish breakout. A pause is expected above 112.00 support before shaping a fresh push higher towards 1st resistance at 133.00. Technical indicators are also advocating for a bullish scenario.
Alternatively: A 4 hour candlestick closing below 112.00 support will open a drop towards next support at 105.20.
Daily Chart -[BULLISH ↗ **]2388 HK is holding above ascending trendine support and has shaped a bullish breakout. As long as price is holding above 24.80 support, a further push higher towards 1st resistance at 27.25 is expected. Technical indicators are advocating for a bullish scenario as well.
Alternatively: A daily candlestick close below 24.80 support will open a pullback lower towards next support at 23.70.
What Happened Recently (30 Sept - 4 Oct)
US markets closed higher last week. $E-mini S&P 500 Futures(DEC4) (ESmain.US)$ and $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$ dipped before edging higher, ending the week off marginally higher by 0.15% and 0.03% respectively. The initial dip was due to geopolitical tension in the Middle East earlier in the week. However, the week ended off higher due to outperforming average hourly earnings, nonfarm payrolls and unemployment rate. Traders should keep an eye out for CPI, PPI and initial jobless claims data this week.
Asian markets ended the week mixed. $HSI Futures(OCT4) (HSImain.HK)$ climbed the most by 9.34%, with traders maintaining their risk-on sentiment following China's stimulus measures proposals. $SMIC (00981.HK)$ saw the biggest gain, pushing higher by 47.63% last week. Traders should stay cautious of the bull run that might be too fast and far. $Nikkei 225 (.N225.JP)$ dropped initially before pushing higher in the later part of the week, ending the week lower by 3.24%. Its push nearing the end of the week came after the weakening of the JPY against USD after stronger than expected US jobs report. $FTSE Singapore Straits Time Index (.STI.SG)$ edged marginally higher by 0.44%. $Seatrium Ltd (5E2.SG)$ climbed the most by 15.03%. Traders should look out for foreign reserves data later.
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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