SINGAPORE (May 1): The US market had one of its best months in the past 30 years in April. However, May could turn out to be more volatile. The S&P 500 Index (SPX) remains in its rally pattern, but as it approaches its upside target of 3,023 following a break above resistance at 2,620 in early April, the SPX could encounter resistance.

The local market has underperformed the SPX, with the Straits Times Index rising 17.5% compared to the SPX’s 30% since their lows on Mar 23. However, going forward, the SPX may begin to consolidate.

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