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Saturday, June 23, 2018

Index Weekly Wrap for the Week of Jun 22

Stocks fell worldwide this week, as US-China trade spat intensified. US also increased trade tariffs against its western allies- the EU, NAFTA countries and also Japan and India in Asia. Counter measures are taken to against US from the countries affected. The global trade protectionism seems will not be ending soon before it gets worse off.

As the only super-power country, global assets reported continuous flowing back into US, given stronger dollar. The "fear index" VIX stays below 15(Friday closed at 13.77), which indicates investors have little "fear" if not at all for US stocks going forward.  On the other hand, the China Shanghai index lost its ground, plunged 4.4% this week, make it the worst performer with -12.6% YTD return. The technology heavy index Nasdaq recorded positive 11.4% YTD return as comparison. The Chinese stocks already lost in this trade war spat with US.

Refer to below funds flow data for past 30 days, total Equity funds flow into US amounted $39.45b and flow out of Asia-Pacific and Europe were $1.07b and $3.75b respectively.
Data source: ETFGlobal.

Major index performance for the week as in below table, only left two indexes with positive YTD return: Nasdaq(COMP) and SPX, down from previous week of 4. US three major indexes uptrend still intact.

In Asia, STI index dropped to its major uptrend bottom line, broken down its key support 3340 and turns to major resistance level now. Watch for 3340 as resistance if the index rebounded in coming week(s), downside major support level is 3200.

HSI broken down its key support level 30000 mark and also went underwater YTD return.  immediate resistance 30000 level and downside support 28500. China Shanghai index broken its key support level 3000 decisively this week. No signs of rebound, next major support is at 2650 level if it continue go lower. Refer to major indexes weekly charts below.

Sunday, June 17, 2018

Index Weekly Wrap for the Week of Jun 15

The tech heavy index Nasdaq($COMP) is the only one hit new all time for 2nd week in a row. very bullish. While both SPX and DJI were resisted at 2790 and 25400 level respectively, all three major US indexes uptrend are well intact.

In Asia, HSI index has been in sideway consolidation since Feb 2018 mostly within the range of 29919(YEC) and 31600. The key support level to watch is 29919 YEC level.

STI was the worst index this week, lost 2.3%, back down to just above its 3340 key support level, which was hit four times since Nov 2017 then all rebounded up, a broke below this key support level should give bulls early warning signal. Watch 3340 level for immediate support in coming week(s).

SSE has been weak always, hit new low this week, key support is 3000, it hit intra-week low of 3008 this week.

Sunday, June 10, 2018

Index Weekly Wrap for the Week of Jun 8

US stocks rise, DJI and SPX made 3mth high and COMP made all time new high, the technology dominant index is exceptional bullish. All indexes recorded positive YTD return EXCEPT Shanghai index(SSE) which still underwater 7.3%, the giant bulls are still sleeping there.

In Asia, HSI rebounded after it tested its YEC support level last week, which is also its major uptrend channel bottom. More upside expected IF it can CLOSE above 31500 in coming week(s), downside major support a YEC level 29920.

STI last weekly candle looks weak after 3 weeks selloff consecutively, bulls need sometime to regain strength. Immediate support at 3400 which is also its 250dma. Immediate upside resistance at 3500.

SSE in 3rd week negative close at low, no strength at all. Major support at 3000 level.

Sunday, June 3, 2018

Index Weekly Wrap for the Week of Jun 1

US stocks rebounded on Friday, COMP and SPX closed green but DJI still lost 117 points this week and 0.3% underwater YTD. COMP has been the best performer YTD with 7.7% return, on the other hand, the worst performer has been SSE which lost 7%. The three US major indexes uptrends are still intact, COMP is way above its major uptrend line, SPX and DJI tested their major uptrend lines respectively and rebound from there.

In Asia, both HSI and STI retraced down for 3rd week but still within major uptrend channel. SSE was trading one the edge of its low line this year, drop in 2nd week.

For STI, immediate support is at 3400 which is 250dma and resistance is 3500 should it rebound in coming week.

Sunday, May 27, 2018

Index Weekly Wrap for the Week of May 25

US stocks closed positive this week and Asia three major indexes closed negative as opposite. The DJI is trading just above its YEC level, SPX and COMP had 1.8% and 7.7% YTD return. Major uptrend are well intact for the three indexes.

IN Asia, HSI and STI are in 2nd week retracement within uptrend channel, SSE had first week down after 4 weeks rebound, technically  SSE looks weak and it's the only index had netagive YTD return with loss of 5%.

STI major support 3500 and resistance 3600.

Sunday, May 20, 2018

Index Weekly Wrap for the Week of May 18

US stocks down a little on profit taking, after over 2% rise for the three major indexes last week. So far, uptrend is well intact for all three major indexes(refer to weekly charts below).

In Asia, both HSI and STI took a breath this week, but both indexes are in good shape of uptrend. HSI major support level 30000, and immediate resistance 31600. STI immediate support at 3500 and resistance at 3600.

SSE continued its rebound, 4th week in a row. Te index is a only one has negative YTD return with 3.5% loss. The best performer so far is NAsdaq(COMP) recorded 6.5% YTD return.

Sunday, May 13, 2018

Index Weekly Wrap for the Week of May 11

All major indexes closed positive this week, the US three major indexes added between 2.3% to 2.7% this week, technology stocks dominant Nasdaq($COMP) index was the front runner as always, up by 2.7% for the week and 7.2% return YTD. Weekly candles look bullish and expected to move higher in coming week.

HSI rebounded from its major support level this week with 4% up this week-the highest among all. It's poised for further rebound coming week(s).

As for STI, the bulls look a bit of fatigued and was consolidating within its 3-week trading range, general bullish trend is well intact. Lagger SSE rebounded from its major support level 3100 as well, bulls got a temporary relief, but it looks lack of strength.