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Saturday, December 20, 2014

Weekly Wrap

Weekly Index performance as below table. Shanghai continue outperform all major indices with 5.8% gain for the week. It stood firmly above 3000 level now. Expected to go up further.
The US markets had a amazing U turn in past two weeks, with SPX and DJI had weekly gain of 3.4% and 3% respectively. 
HSI and SSE was sell-off initially and recovered then, but still in net loss for the week.
Crude oil rebounded for more than 6% on Friday to $58/barrel, but it's too early to confirm a bottom is seen.
HSI lost more than 850 points over past two weeks, it hit major ascending line support and rebounded there this week, expected HSI to continue rebound in coming week. 
 SSE weekly candle very bullish, every retracement will be a buy opportunity. The market is very bullish.
STI had a super long tail on its weekly chart. The weekly candle still bearish with immediate major resistance at 3360. and major support at 3167.

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