Last week, major market indices were generally neutral as i) China economic data mostly met consensus; ii) crude oil briefly made a new 52

This week market technical outlook

•             Last week, major market indices were generally neutral as i) China economic data mostly met consensus; ii) crude oil briefly made a new 52-week high; and iii) 80% of the 113 SPX companies, who have reported their Q3 earnings, beat analysts’ estimates.

•             This week, market should continue to study results released by SPX and HSI companies to determine the equity markets’ next move.

•             S&P500 (SPX) - Still in short-term downtrend unless more companies beat in Q3

•             Hang Seng (HSI) - Likely to stay range-bound within 23000-23500 in this data-light week

•             Strait Times (STI) - Could stay range-bound in between 2800 and 2855

•             KLCI – Remains sideway