NMS Investment Research

  The bears have been taking down the S&P 500 since last Friday on fears of a U.S. government shutdown, among other things, coincidentally at the beginning of Rosh Hashanah. Let's hope that the index will bounce off from here as Yom Kippur begins this Sunday, September 24. There is a support at 4,279 if the index continues to pull back. The last time the S&P 500 was down for four straight weeks was in December 2022. 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 bears took the S&P 500 down 1. 22 % on Friday to retest its 50-day EMA on concerns over weak demand for semiconductor chips, which could spill over to consumer demand. Be aware that Friday's selloff could be fake as t he VIX continues to trend down. T he spread between the 2-year treasury yield and its 600-day EMA is positive at 1.29% , meaning any U.S. recession fear could also be fake. In our view, t he index could bounce off from here or pull back further to test its trendline resistances at 4, 410/4,400 . 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!

  Apple stock tumbled 5.95% for the week to close at $178.18, just above the key support at $178.16, following WSJ and Bloomberg reports that China banned iPhone use by employees of government and some state-owned firms. Morgan Stanley called Wall Street 's respon se to the headline news "overblown". Per a Asia Nikkei report, an employee at a state-owned company in Beijing was notified in early September about the move. In the past three years, the company has restricted the use of iPhones for work as "a recommendation". According to the employee, many workers already have iPhones for personal use. T his old news got re hash ed one week before the Apple September Event . S uspicious , isn't it!? The stock just retest ed the August 23 breakout on Thursday. It could be stuck between the $178.16 and $180.00 levels until the Apple September Event on September 12 or the "fear" dies down. This note contained herein is not and should not be c

  As expected, t he S&P 500 rallied 1.44% on Tuesday after the index broke through its 50-day EMA as buyers stepped in. The VIX has moved back below its 50-day MA. The spread between the 2-year treasury yield and its 600-day EMA is 1.29%, meaning there will be no recession any time soon. The next resistances for the S&P 500 are at 4,580 and 4,640, respectively. 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 was rejected at its 600-day EMA / trendline resistance near 1,578 on Wednesday after a big run-up. The index ended the week below the 200-day EMA and a possible pullback could continue next week. Be cautious that the relative strength (RS) between MSCI Thailand and MSCI EEM (Emerging Markets) is beginning to weaken again . The next supports for the SET index are 100-day EMA and the key resistance level at 1,546.62. 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!

  Tesla stock tumbled over 5% on Friday after the company announced the launch of a Model 3 upgrade in China and price cuts up to $5,500 on the old Model 3 inventory in the US. The company is also offering deep discounts , between $30,000 and $41,000 , on Model s S and X. The stock just broke through a key support level at $248.70 and is now retesting its 50-day EMA . If the 50-day can't hold, the next support level is the 100-day EMA at ~ $233. 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!