Image from shutterstock

By Margaret Yang, CMC Markets 
US equities closed marginally lower as traders and investors preferred to stay on the sidelines amid ‘risk off’ sentiment, while the White House postponed the vote on repealing Obamacare.
Uncertainty remains over whether President Trump and his congressional allies can convince enough conservative Republicans to support the bill. The outcome could be interpreted as an indication of the Trump administration’s ability to deliver on its more aggressive plans regarding tax reform and infrastructure spending going forward, which are the main driver of the recent bull run.
Technically, the near-term indicators have turned bearish for the Dow Jones Index, with the 10-Day Simple Moving Average line trending downwards and MACD showing weakness in momentum. In the middle to long-term perspective, however, a bullish trend is intact, with 50- and 200-Day Simple Moving Average lines both trending upwards. The SuperTrend is still in an upward trend despite the recent sell-off, suggesting immediate support levels at 20,645 and 20,400 respectively.
Hong Kong 50 – Cash

The US dollar rebounded mildly last night to the 99.70 area, gaining some ground against most of the G10 peers. GBP/USD slid for the first time in eight days, showing weakness in the upward momentum as the RSI reached an overbought level. Over the past six months, GBP/USD has been trading in a range between 1.209-1.273, which served as strong support and resistance levels in the medium term.
GBP/USD

Margaret Yang Yan, CFA, is a market analyst for CMC Markets Singapore.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments
You May Also Like

MOH confirms additional 614 cases of COVID-19 infection; brings tally to 30,426

As of Friday noon (22 May), the Ministry of Health (MOH) has…

人权组织吁提供更多措施 助年长者摆脱经济困境

我国非营利人权组织“尊严”(MARUAH)呼吁政府为55岁或以上的乐龄人士提供更多福利,以解决他们目前无法适应生活成本高涨下面对经济、生活等问题。 李光耀公共政策学院助理教授黄国和与研究团队,最近发表一份报告。研究揭示,我国年长者因各种不同的原因,导致他们无法适应现在的生活,面临很大的经济压力。 据最低收入标准(MIS)的结果显示,我国年长者在个人所得与经济需求差距悬殊,亦指最低家庭预算应达到乐龄群体的基本需求。 研究团队指出,除了衣食住行为最基本原则,年长者也有追求生活品质的要求。而根据《世界人权宣言》第25条,人人有权享受为维持他本人和家属的健康和福利所需的生活水准,包括食物、衣着、住房、医疗和必要的社会服务。 报告中也包括工作机会、教育水平与机会、社会参与等重要指标纳入个人福祉中。基于最低收入标准,研究团队总结,有必要增加针对年长者的预算,确保他们能维持基本生活需求。 研究团队计算出年长者维持基本生活需求的费用如下: 65岁以上独居年长者:每个月1379新元 65岁以上夫妇:每个月2351新元 55-64的独居老人:每个月1721新元 研究团队也比较收入与家庭基本预算,发现在三种老年人最普遍的工作中,其薪资收入却不足家庭基本预算的0.9-1.2倍,亦即就算老年人目前有工作收入,他们的薪资可能无法达到研究所提出的家庭基本预算。 针对老年人收入不足的问题,政府现有的应对措施如下: 渐进式薪资模式(PWM):针对三种低收入职业:清洁工、园工及保安工作人员实施最低薪资…

徐顺全录华语视频 吁选民拒绝与民生脱节领袖

“这就是行动党的“pattern”(模式),选举前作出很多承诺,选举后才把账单寄给你,要你买单。” 续广东话、福建话和潮州话,民主党秘书长徐顺全这次录制华语视频,面向国内受中文教育的选民。 在视频中他重申,人民行动党在上届选举作出承诺,要帮助老一辈选民;不过选举后又宣布调涨消费税;新加坡人士全球生活费用最高昂的城市之一,面对财务压力、工资被压抑等问题,但行动党仍执意调涨消费税和其他各种费用。 他也呼吁民众应拒绝让那些和民生脱节的政治人物,继续制定政策影响人们的生活。他认为很多部长不理解许多普通老百姓,在全球生活成本最高昂都会里的生活和挣扎。 另外,他也重申民主党的政策献议,包括提高奢侈品消费税而不是日常用品、归还公积金、避免医疗保健商业化等。 此前,徐顺全以方言发表政见,得以让一些籍贯选民倍感亲切,有者认为此举也更适合用来拉近与老一辈选民的距离。  

PSB Academy and Institute of Management Accountants launch preparatory course to groom finance professionals for leadership

PSB Academy is the first private education institution to partner the Institute of…