Look for the SP 500 to make new record highs
Look for the S&P 500 to make new record highs
On Thursday, Accenture (ACN) is likely to unveil first quarter EPS of $2.07 vs $2.09 last year on revenue of $11.4 billion, in line with the year before. Accenture is a leading global professional services company and on December 7th, Accenture Federal Services, a subsidiary of the Co, disclosed that it was awarded a five-year blanket purchase agreement by the Administrative Office of the United States Courts to update the client case-management system of the U.S. Probation and Pretrial Services system. From a chartist's point of view, the RSI is above 50. The MACD is positive and below its signal line. The stock could retrace in the short term. Moreover, the stock is below its 20 day moving average ($247.23) but above its 50 day moving average ($235.42). We are looking at the final target of $260.90 with a stop-loss set at $238.40.
Also on Thursday, FedEx (FDX) is expected to announce second quarter EPS of $3.81 compared to $2.51 a year ago on revenue of $19.3 billion vs $17.3 billion the year before. The Co operates the largest express package delivery service in the world and on December 8th, United Parcel Service and the Co announced that there shipping capacity reached its limit and millions of packages will be delayed. On a different note, on December 2nd, the Co announced that it entered into an agreement to acquire Shoprunner, an e-commerce platform, to expand its own e-commerce portfolio. The financial details of the deal were not disclosed and it is expected to be completed by the end of the calendar year. From a technical point of view, the RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The stock could retrace in the short term. Moreover, the stock is trading above both its 20 and 50 day moving average (respectively at $287.30 and $277.72). We are looking at the final target of $319.60 with a stop-loss set at $274.20.
On Friday, Nike (NKE) is anticipated to release second quarter EPS of $0.61 vs $0.70 last year on revenue of $10.5 billion compared to $10.3 billion a year ago. The Co designs and manufactures sportswear, and on December 8th, the Co revealed that it signed a six-year agreement with The University of California to provide all 25 of its varsity teams with Nike and Jordan Brand apparel and equipment. The deal is scheduled to begin on July 1st, 2021. In other news, on November 19th, Nike's Board of Director's approved a 12% increase to the quarterly dividend. Looking at a daily chart, the RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the stock is trading above both its 20 and 50 day moving average (respectively at $134.67 and $130.25). We are looking at the final target of $144.80 with a stop-loss set at $133.40.
Looking at the S&P 500 CFD on a 1 hour chart, the index advanced to a new record high of roughly 3,715.00 last week, a bullish signal. The S&P will likely consolidate and retest its new high of 3,715.00. If price can get above the high, then the first Fibonacci target would be 3,794.00. If price falls, traders should look to the 200-period simple moving average (SMA) as possible support. If price cuts through the 200-period SMA, then 3,628.00 would be the next support level. If price gets below 3,628.00 it could drop to 3,594.00 before it finds footing.
Source: GAIN Capital, TradingView
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.cityindex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.
ALL TRADING INVOLVES RISKS. LOSSES CAN EXCEED DEPOSITS.
City Index is a trading name of StoneX Financial Pte. Ltd. (“SFP”) for the offering of dealing services in Contracts for Differences (“CFD”). SFP holds a Capital Markets Services Licence issued by the Monetary Authority of Singapore for Dealing in Exchange-Traded Derivatives Contracts, Over-the-Counter Derivatives Contracts, and Spot Foreign Exchange Contracts for the Purposes of Leveraged Foreign Exchange Trading. SFP is also both Derivatives Trading and Clearing member of the Singapore Exchange (“SGX”). SFP is a wholly-owned subsidiary of StoneX Group Inc.
The information provided herein is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to invest, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk.
The information does not represent an offer of, or solicitation for, a transaction in any investment product. Any views and opinions expressed may be changed without an update. To understand the risks and costs involved, please visit the section captioned “Important Information” and the “Risk Disclosure Statement”.
The information herein is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.
StoneX Financial Pte. Ltd. 1 Raffles Place, #18-61, One Raffles Place Tower 2, Singapore 048616. Tel: 6309 1000. Co. Reg. No.: 201130598R.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
© City Index 2024