NMS Investment Research

  Beware that the SOX may be heading up to retest the 3,254.52 resistance level as it's trying to get out its bear market. Don't get confused by Samsung's comment earlier this month that chip inventory is at a 26-year high. Micron's top executives just suggested during their Q2 2023 earnings call this week that inventory i ssues have peaked and a turnaround is ahead. Also be aware that the new shiny object in the chip sector is AI. Read all of these headlines: “The AI explosion could help Micron and the chip industry turn the corner”, per Yahoo Finance. “Nvidia’s stock has climbed as Wall Street bets on AI. Why investors say its promise is worth the premium”, per CNBC. “Intel On Track With Data Center Chip Lineup, Touts Play In Artificial Intelligence”, per IBD. This note   contained herein is not and should not be construed as a recommendation to buy or sell.   Click here to view the latest update!

  Bitcoin ran up on bets that Fed rate hikes are nearing an end . The rally seems be stalling at the trendline resistance s ~ 28.9k after the news came out . Be aware that b itcoin could pull back to retest the March 17 breakout ~ 26k if the 600-day EMA (~27.2k) can't hold. This note   contained herein is not and should not be construed as a recommendation to buy or sell.   Click here to view the latest update!

  The S&P 500 closed up 1.39% for the week, but was unable to break the key technical level at 4,000 despite the Fed g iving some indication that their rate hikes are nearing an end, per CNBC. The bears continue to defend the 4,000 level, arguing that "no bear market has ever bottomed before a recession", per CNBC. Meanwhile, bond traders are piling onto U.S. Treasuries in anticipation of sharp Fed rate cuts. We will definitely find out soon who will be on the wrong side of the market. This note   contained herein is not and should not be construed as a recommendation to buy or sell.   Click here to view the latest update!

  The SET index rebound ed along with the emerging markets this week, but risks remain as long as the index is still trading under its 600-day EMA (1,596 . 0 3 ) and/or the 1,600 level. There is a call for caution with respect to t he SET index's death cross pattern as the 2 0 0-day EMA ( red line) may be about to cross over the 1 00-day EMA ( blue line) . This note   contained herein is not and should not be construed as a recommendation to buy or sell.   Click here to view the latest update!

  The SET's rebound failed as foreign investors continue dumping shares. Beware that more selling may be ahead if the 50-day EMA (green line) crosses under the 600-day EMA (brown line), forming another death cross. Keep an eye on the rising Thai baht as it poses economic headwinds, particularly to Thai exporters and maybe the tourism sector. T he Fed is expected to raise interest rates by a quarter-point on Wednesday and may hold rates steady after their FOMC meeting. And that could drive t he USD/THB exchange rate down below the ฿ 34 level. This note   contained herein is not and should not be construed as a recommendation to buy or sell.   Click here to view the latest update!

  Here's the Bloomber g headline that just came out today, "Goldman Sachs No Longer Sees Oil Reaching $100 This Year". Here's what Goldman Sachs said in February, "Oil will rise back above $100 a barrel this year and may face a serious supply problem in 2024 as spare production capacity runs out", per Fortune. In fact, WTIC crude prices ha ve been on the downside since President Biden authorized the DOE to release up to 180 million barrels from the SPR in March 2022. The first bearish sign, a death cross , emerged in September 2022. Beware that WTIC , which traded as low as $65.65 on Wednesday, could head down to the $50 a barrel level if the support level at $65 can't hold. This note   contained herein is not and should not be construed as a recommendation to buy or sell.   Click here to view the latest update!