15 Feb Key Charts To Keep You Awake In 2019Outline
- U.S, the market leader for stocks since the Mar 2009 bottom had finally succumbed to downside pressure where the S&P 500 declined by 20% from its all-time high of 2941 printed on 21 Sep 2018 to hit a low of 2346 on 26 Dec 2018 amid a slowing global economy. Interestingly, since 26 Dec 2018, global stock markets have rallied by 9% to 13% that shrugged off worries from revenue downgrades from key bellwether stocks such as Apple and FedEx. To make things more controversial, on 23 Dec 2018, it was reported that the U.S. Treasury secretary had a “pep talk” with top U.S. bankers to find out whether there is any stress in the U.S. financial system. To seasoned market watchers, this “call” from the U.S. Treasury secretary can be implied the assemble of the controversial “Plunge Protection Team” to support any further decline in the stock market. On top of that, there was sudden string of “Fed talks” from officials including Fed Chair Powell that advocated patience in raising the Fed funds interest rate.
- Right now, there is debate whether global policy leaders are trying to extend the life of an ageing bull market for risk assets and engineer another impulsive up move phase similar in Oct 2011 and Feb 2016. To make better sense of the current situation, I will be sharing various key charts drawn from economic data and technical analysis charting on various key asset classes that covers the whole spectrum of the markets from stocks, FX, commodities and even cryptocurrencies to navigate a cloudy 2019.
Kelvin Wong, Chief Technical Strategist (Asia), City Index
Kelvin has over 12 years’ experience in providing market research and employs a combination of fundamental and technical analysis, specialising in utilising Elliot Wave and Fibonacci analysis. He has worked at leading research firms and hedge funds as an FX and equities analyst and, before joining City Index in August 2013, was a senior equities and indices analyst at French research firm BBSP where he advised Asian hedge funds and international investment banks. Kelvin has a Certified Financial Technician (CFTe) award from the International Federation of Technical Analysts (IFTA) and is a member of the IFTA. He has conducted technical analysis seminars and training programmes for thousands of private traders in Singapore and Malaysia.