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Saturday, August 30, 2014

Weekly Wrap

For the week, All US three major indices hit new historical high, all three have had four weeks up in a row.
In Asia, STI closed almost flat, SSE and HSI retreated this week with 1.1% and 1.5% loss respectively.

HSI index closed below 25000 mark this week, it may pull back a bit as my forecast in previous weekly wrap, if it unable to hold above 25000 level (refer to below chart).

STI had sell-off in last two days in the week, squared off almost the entire weekly gain. It appears to me the two shooting star on its weekly charts are quite ugly(refer to below chart), indicate possible top selling pressure at above 3350, though STI uptrend is still intact so far. Watch out closely for 3300 as immediate support in coming week.
Indices monthly performance for Aug as blow. STI has been the worst performer in Aug. US mkt is still bullish.


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