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Saturday, October 25, 2014

Weekly Wrap

For the week, world major indices rebounded, after four weeks losing streak. Nasdaq gained the most with 5.3% up, S&P 500 had 4.1% and Dow Jones 2.6% up too.

In Asia, STI had a white candlestick finally after five consecutive black candles(refer to below weekly charts). HSI up by 1.2% as well, albeit in its 4-week trading range. SSE however, had its 2nd week retracement. It lost 1.7% for the week.

STI hit 3167 level YEC last week, and rebounded as I expected. The strong support for STI is at 3190-3167 area. whereas major resistance is at 3300. 
HSI closed just 4 points below its start point this year 23306. It closed at 23302. I'm still bullish on HK market, given the Shanghai-Hongkong Connect should be start before end of this year.
 SPX hit its major ascending line last week and rebounded strongly this week, major uptrend has been well intact. (refer to below weekly chart).

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