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Sunday, August 18, 2013

Weekly Wrap

For the week, US markets 3 major indexes dropped for 2nd week, in Asian market, STI followed, broke its key support level 3200 to downside. However Hang Seng index rose the most with 710.3 points or 3.3% gain and Shanghai SSE index gained little with 16.2 points or 0.8%.

US markets dropped as latest PMI exceeded expectation and shows US economy is continue improving, market worries Fed will taper stimulus in coming Sep FOMC meeting. DJI hit its historical high two weeks ago, market is seen take this opportunity for profit taking as well.

In China, Shanghai market experienced its historical biggest swing on Friday due to a fat finger mistake by a Financial brokerage firm. A 7 billion RMB(1453 million SGD) was bought into blue chips within 2 minutes time, which pushed the SSE index to more than 100 points but gave back all on close eventually.

Continue look good on Hang Seng HSI index for coming week.

DJI weekly candle looks pretty bearish, further downside if the brown color uptrend line broke in coming week.
 STI broke down its four week consolidation 3200 support, two YEC level to watch in coming week: 3190, and 3167.
HSI looks bullish on weekly candle, further upside is expected in coming week.
 SSE formed a huge long tails on the top daily candle, short term trend is up. Expected to rebound in coming week.

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