What Happened
DBS economists are forecasting Singapore’s April 2026 non-oil domestic exports (NODX) to rise 11.5% year-on-year, extending a remarkable streak to eight consecutive months of expansion. This follows a strong 15.3% gain in March. The primary driver is surging demand for electronics tied to the global AI infrastructure build-out โ think chips, circuit boards, and data centre hardware flowing through Singapore’s trade hub.
Key Levels to Watch
This macro tailwind most directly affects Nvidia (NVDA), which sits near $135.50 after its recent run higher. Key support levels are at $126.00 and $118.50, with resistance at $140.00 and the all-time high zone near $153.00. On the Nasdaq, watch support at 19,200 and 18,650, with resistance at 19,900 and 20,400.
On the ASX, ASX 200 support sits at 8,200 and 8,050, with resistance at 8,400 and 8,550. Tech-adjacent plays like WES (Wesfarmers) near $74.50 have support at $72.00 and resistance at $76.80.
Technical Picture
The Nasdaq remains in a short-term uptrend, trading above its 50-day moving average (~18,900). RSI sits near 62 โ bullish but not yet overbought. Nvidia’s RSI is around 65, suggesting momentum is intact but a pause is possible before the next leg higher.
What Traders Are Watching
The key trigger: if Nvidia can clear $140.00 on strong volume, it opens the door toward the $150โ$153 resistance zone. On the Nasdaq, a clean break above 19,900 would signal the bulls are firmly back in control. ASX traders should watch whether the index can hold 8,200 on any dips โ a break below opens a move toward 8,050.
Bias
Bullish โ Eight consecutive months of export growth driven by AI demand is a genuine structural tailwind, not noise. Until the AI capex cycle shows signs of slowing, dips in Nasdaq and ASX tech-linked names remain buying opportunities for active traders.
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