Review on Last Week's Markets

Strong corporate earnings and a business-friendly US administration may add investors confidence to the US indices in the long run. However, what about in the short run? Will FED interest rate decision affect the market? More on that later.

On Thursday 9 March, European indices such as the CAC40 and DAX also reacted positively to EU's central bank's decision to hold interest rates at near lows.

Asia-Pacific indices closed steady ahead of key US jobs report. The Nikkei 225 gained 1.48% while Shanghai Composite indexed flat for a 0.03% gain. On the local market, the FBM KLCI closed on a positive territory at 1,717.58 points.

Events to watch out this few weeks

15 March, 10.30pm, Crude Oil Inventories report. Expect some price volatility for WTI Crude Oil. Take good care of your trades.

16 March, 3.00am, US Fed Interest Rate decision. This piece of news could bring volality to the stock, futures & currency markets, so take good care of your trades if you are holding overnight. Keep in mind, this news does not tell us whether the market will go up or down.

And I also made a video to talk about my last trade review and weekly market analysis too.

Check out here!

FKLI

As correctly anticipated in last week's outlook, FKLI did had an uptrend and hit our second uptrend target of 1,727! However based on latest price action highlighted by the red arrow where prices were "rejected" by 1,730 resistance, I believe FKLI will have a slight retracement towards  1,710 next week. Keeping in mind, this is just a healthy retracement in an uptrend market as EMA8-13 still show our index futures is in a medium term uptrend.

P.S: For those who short FKLI do keep your eyes on 1730 resistance level.

FCPO

FCPO started last week on with a weekly high of 2,898 however prices failed to sustain its uptrend. As of writing FCPO is currently trading below 2,800. This spells that FCPO could be resuming its downtrend next week. First downtrend target will be 2,733 while second downtrend target is at 2,690 zone. Risk management will be the highlighted 2,800 resistance zone.

S&P 500 Futures

S&P 500 Futures could be heading for a healthy month long correction starting next week. There are a few clues that we can use to prepare for a correction. The first clue was the highlighted price action, where prices failed to trade higher than 2,400. We will know the start of this correction if EMA 8-13 forms a deadly cross and prices stays below 2,375. First downtrend target will be 2,333 while second downtrend target will be the 2,317 zone. Keep in mind, this is just a healthy correction in a bullish S&P 500 market as it has been in an uptrend since the start of 2017.

WTI Crude Oil

WTI Crude Oil did had a downtrend, as correctly prepared in last week's outlook. As of writing, prices are currently trading below the $50 critical support zone. Based on this information and EMA8-13 deadly cross, I believe WTI will continue its downtrend next week towards the first target of $48.8. Second downtrend target will be $47.45. Resistance that can be used for risk management is $50 resistance zone.

DISCLAIMER

The information contained in this article is for reference. No individual financial goals & risk appetite have been taken into account. Futures trading involve high risks.

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