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Saturday, April 21, 2018

Index Weekly Wrap for the Week of Apr 20

US indexes DJI and SPX are up by 0.4% and 0.5% respectively this week, but both are still "underwater"-negative YTD return. DJI lost 1% YTD and SPX lost 0.1% YTD. The technology dominant Nasdaq(COMP) is the best performer among the three, with 3.5% YTD return.

STI was the best performer this week with 2.1% stunning gain, thanks to the three local banks led the charge. The index hit 3600 level this week but closed 7points off the level. The weekly chart looks bullish.

Another two Asia major indexes HSI and SSE both closed in red, while HSI is consolidating just above its YEC level 30000, this level continue to be the key support level to watch in coming week. SSE shows a more bearish chart, it was trading below major uptrend channel, just broken 3100 support level and next key level to watch is 3000.

Refer to below details weekly charts for technical analysis.








Saturday, April 14, 2018

Index Weekly Wrap for the Week of Apr 14

US stocks rebounded this week, despite Friday's night drop. The technology dominant Nasdaq ($COMP) rebounded 2.8% near its YEC close level, bring total return to 2.9% YTD. But the SPX and DJI both are still under water for their YTD return, with 0.6% and 1.4% loss respectively.
All three indexes major uptrend are well intact. As seen from below weekly charts.

Over in Asia, HSI is the stongest performer, with 3% YTD return, STI following on 2nd spot with 2.9% YTD. STI had its 3rd week up in a row, very bullish. Major resistance at 3550 and technical support level at 3400 level.

Shanghai index ($SSE) was unable to rebound back above its uptrend channel after 4weeks, so I shifted the uptrend channel to its original position, to show that a breakdown of the uptrend channel, which indicate the index is weak. Immediate support level is 3100 and resistance 3200 level.








Sunday, April 8, 2018

Index Weekly Wrap for the Week of Apr 6

Trade war tension between US and China continue rise, major indexes turns to red again, except STI which added 0.4% this week.

The US stocks had two days down and three days up in the week, in a very volatile manner. The DJI had high-low swing of more than 1000 points. By now, the SPX and DJI were trading below their YEC level for three consecutive weeks, but Nasdaq(COMP) still had 0.2% YTD return.

In Asia, major indexes STI had highest YTD return with 1.2%, but HSI had three weeks decline in a row and given back all its profit this year. SSE had a shorten trading week as the market closed on Thursday and Friday for Qingming holiday and will resume trading on Monday.

Coming week, continue watch STI support level at 3400 and 3365 level. SSE support level will be at 3100 and HSI 30000 level as immediate resistance.







Sunday, April 1, 2018

Index Weekly Wrap for the Week of Mar 30

Most indexes rebounded in last week of the month of March, ended two consecutive week of heavy selloff. Among the three major US indexes, DJI and SPX rebounded 2.4% and 2% this week, but both indexes are in the negative YTD return with 2.5% and 1.2% loss now. The technology heavy weighted Nasdaq (COMP) index rebounded 1% for the week and its YTD return is still positive with 2.3%. Technically, all three indexes uptrend line are still well intact. ( refer to below weekly charts)

In Asia, HSI, SSE and STI recorded weekly gain of -0.7%, 0.5% and 0.2% for the this week. STI is the strongest performer after COMP YTD with 0.7% gain, and HSI following in 3rd place with 0.6% YTD return. SSE is the worst performer YTD with 4.2% loss. Shanghai stocks looks the worst victim of the US-China trade war tension. But it won't be surprised as China stocks are always look much weaker as compare to its peers, despite its much strong country economy. There are structural flaws between the stocks and Economy there. 

It's a bad month for March, all indexes recorded between 2.4% to 3.7% loss as seen in below monthly performance table.

Technically, STI, HSI and SSE all three indexes are still in uptrend, STI key support level is YEC 3402, and HSI key support level at 30000. SSE key support level at 3100.








Sunday, March 25, 2018

Index Weekly Wrap for the Week of Mar 23

A week of bloodbath for world stocks, as the US-China trade war getting cloudier. US three major stocks indexes among the worst performers, lost 5.7% to 6.5%. DJI and SPX's profit this year were wiped off in one week and slapped to negative territory. From technical perspective, Nasdaq($COMP) close on its major uptrend support line and SPX and DJI both closed below their respective major uptrend lines.

In Asia, Hang Seng weekly chart still looks good. Retraced to its just above its YEC level 29919(support).

STI was selloff from its uptrend channel line resistance and just above its YEC level 3402 too. Shanghai index (SSE) broken its uptrend channel line for 2nd time, dropped to near its previous low, to watch major support level at 3100 in coming week(s).








Sunday, March 18, 2018

Index Weekly Wrap for the Week of Mar 16

US markets major three indexes down a little by profit taking, amid of trade war uncertainties. Technologies dominate index Nasdaq($COMP)  look still very bullish, one of the strongest performer with YTD return of 8.4%. also, DJI trapped within its 6-week trading range, and SPX was within its 3-week range bound.

In Asia, major index Hang Seng(HSI) rebounded back to its 6-week top range, uptrend well intact,
STI was capped by its uptrend channel top as resistance at 3550 level. Shanghai index (SSE) has been consolidating at its uptrend channel bottom support line 3245 for 4-weeks already, more upside is expected if it can close above 3300 level.

Major index weekly performance and weekly charts are as follow.







Sunday, March 11, 2018

Index Weekly Wrap for the Week of Mar 9

Stocks rebounded, all major indexes in my table below back to positive YTD return with 2.4% to 9.5%, except SSE closed exactly at its YEC level. VIX index dropped 11.49% on Friday to 14.64 which indicated traders are less worried and bullish on the markets.

US stocks are leading the rebound, especially Nasdaq($COMP) hit new high, the technology stocks dominated index very bullish.

In Asia, China SSE rebounded from its uptrend channel bottom line, and is expected for further rebound with first target level 3500, SSE has been lagging behind. The gap between SSE and other major indexes are expected to narrowing. Bullish on Chinese stocks.

Hang Seng HSI index rebounded from its YEC level(support), cleared its way for further upside.

STI rebounded from its intra-week low and left a long tail on its weekly candle, upside resistance is 3550 level which near recent top and also its upper trend channel line.