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Sunday, February 9, 2014

Weekly Wrap

For the week, major indexes have rebounded from their two-week selloff. In US, three major indexes DJI, SPX and COMP made a nice weekly bullish reversal candle, indicate high probability of rebound. (refer to chart below).

Overall, SPX, DJI and COMP added 0.8%, 0.6% and 0.5% respectively. In Asia, HSI and STI rebounded for last two days after heavy selloff, ended with 1.8% and 0.5% loss respectively. SSE just resume its trading on Fri after long CNY holiday.
 DJI and SPX weekly chart formed bullish reversal candlestick. More upside is expected.

STI weekly chart shows a super long leg doji, reclaimed 3000 level after it flashed down to weekly low of 2953. It appears to me it could continue rebound as long 3000 hold.

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