Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways, with the resistance at 1,468/1,477 points and the support at 1,456 points (25-day EMA) and 1,447 points.</li><li>This suggests that the SET is at a relatively attractive valuation level; hence, we switch our recommendation to Trading Buy if the index moves within the range of 1,401-1461 points.</li><li>We recommend divesting laggard stocks with high equity risk premiums (ERP) in favor of selectively buying stocks with strong WoW EPS recovery momentum, causing their ERPs to accelerate above the average.</li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,468/1,477 points and the support at 1,456 points (25-day EMA) and 1,447 points.This suggests that the SET is at a relatively attractive valuation level; hence, we switch our recommendation to Trading Buy if the index moves within the range of 1,401-1461 points.We recommend divesting laggard stocks with high equity risk premiums (ERP) in favor of selectively buying stocks with strong WoW EPS recovery momentum, causing their ERPs to accelerate above the average.

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,386 points (10-day EMA)/1,379 points and the resistance at 1,396 points (50-day EMA)/1,400 points.</li><li>Most Asian stock markets remain closed today for the Chinese New Year holiday.</li><li>US inflation is a key variable used to determine the direction of the Fed's policy interest rate, which is at risk of not being cut as soon as the market expects.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,386 points (10-day EMA)/1,379 points and the resistance at 1,396 points (50-day EMA)/1,400 points.Most Asian stock markets remain closed today for the Chinese New Year holiday.US inflation is a key variable used to determine the direction of the Fed's policy interest rate, which is at risk of not being cut as soon as the market expects.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>The SPX, Nasdaq 100, and DJI breaking out to new all-time highs following 3-week consolidations. Russell 2000 (IWM), S&amp;P 400 (IJH), Vanguard ExtendedMarket (VXF), countless other Sectors/industries breaking out also.</li>
<li>This is classic bull market behavior. Considering market dynamics remain healthy, this is all evidence that supports our ongoing bullish outlook.</li>
<li>Software, Data Storage buys: NTAP, NTNX, DBX, VRNS, and CVLT. Investment Banking &amp; Brokerage, Mid-Cap buys: JEF, SF, EVR, MC, and LAZ</li>
</ul>


The SPX, Nasdaq 100, and DJI breaking out to new all-time highs following 3-week consolidations. Russell 2000 (IWM), S&amp;P 400 (IJH), Vanguard ExtendedMarket (VXF), countless other Sectors/industries breaking out also.
This is classic bull market behavior. Considering market dynamics remain healthy, this is all evidence that supports our ongoing bullish outlook.
Software, Data Storage buys: NTAP, NTNX, DBX, VRNS, and CVLT. Investment Banking &amp; Brokerage, Mid-Cap buys: JEF, SF, EVR, MC, and LAZ


Breakouts Proliferate; Bullish Outlook Intact; Small- And Mid-Caps to Lead?

<ul>
<li>Ongoing developments have been almost exclusively of the risk-on variety ever since we discussed that risk/reward favored buyers in late-October (10/24/23 and 10/31/23 Compass reports).</li>
<li>The latest risk-on developments include the Russell2000 (IWM) and DJI breaking above resistances of $180 and 35,650, to go along with bullish 9-month RS reversals for small-, mid-, and micro-caps.</li>
<li>Breadth improvement and broadening participation was a big reason why we recommended buying the IWM when it was testing $162-$163 support (10/31/23 Compass). We remain bullish</li>
</ul>


Ongoing developments have been almost exclusively of the risk-on variety ever since we discussed that risk/reward favored buyers in late-October (10/24/23 and 10/31/23 Compass reports).
The latest risk-on developments include the Russell2000 (IWM) and DJI breaking above resistances of $180 and 35,650, to go along with bullish 9-month RS reversals for small-, mid-, and micro-caps.
Breadth improvement and broadening participation was a big reason why we recommended buying the IWM when it was testing $162-$163 support (10/31/23 Compass). We remain bullish


Upgrading Real Estate, Transportation to Market Weight; Smid-Caps With Bullish RS Reversals

<ul><li>Technically, the SET Index is likely to weaken, with the support at 1,370/1,366 points and the resistance at 1,390 points (5-day EMA)/1,395 points.</li><li>The SET is still exposed to risk of a decline to test the year's low at 1,366 points again under the influence of the rounding top pattern in the range of 1,187-1,716 points, which has been evident since February 2020.</li><li>Our analysis reveals that the sustained economic stimulus from the US government's fiscal policies significantly contributed to the robust growth of US 3Q23 GDP, which recorded a QoQ increase of +4.9%, surpassing the consensus estimate of +4.3%.</li></ul>

Technically, the SET Index is likely to weaken, with the support at 1,370/1,366 points and the resistance at 1,390 points (5-day EMA)/1,395 points.The SET is still exposed to risk of a decline to test the year's low at 1,366 points again under the influence of the rounding top pattern in the range of 1,187-1,716 points, which has been evident since February 2020.Our analysis reveals that the sustained economic stimulus from the US government's fiscal policies significantly contributed to the robust growth of US 3Q23 GDP, which recorded a QoQ increase of +4.9%, surpassing the consensus estimate of +4.3%.

United States

American International Group, Inc. is an international insurance organization serving commercial, institutional and individual customers. AIG provides property-casualty insurance, life insurance and retirement services.

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American International Group (AIG US)

EU Mfg. PMI & Weekly Strategy

Technically, the SET Index is expected to move sideways, with the resistance at 1,468/1,477 points and the support at 1,456 points (25-day EMA)...

Krungthai XSpring

Wait for US Inflation Figure

Technically, the SET Index is expected to move sideways, with the support at 1,386 points (10-day EMA)/1,379 points and the resistance at 1,396...

Krungthai XSpring

Breakouts Proliferate; Bullish Outlook Intact; Small- And Mid-Caps to Lead?

Breakouts Proliferate; Bullish Outlook Intact; Small- and Mid-Caps to Outperform? $SPX $QQQ $DJI breakout to all-time highs, $IWM $IJH $VXF,...

Vermilion Research

Upgrading Real Estate, Transportation to Market Weight; Smid-Caps With Bullish RS Reversals

Upgrading Real Estate $XLRE $VNQ and Transportation $IYT $XTN to Market Weight; Smid-Caps With Bullish RS Reversals as $SPX, $COMP Take a Pause;...

Vermilion Research

All Eyes on the US FOMC Meeting

Technically, the SET Index is likely to weaken, with the support at 1,370/1,366 points and the resistance at 1,390 points (5-day EMA)/1,395...

Krungthai XSpring

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