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Saturday, August 15, 2015

Weekly Wrap

For the week, US three major indexes rebounded a bit from its range trading bottom. So they are still zig-zag within a trading range.

The exciting markets are in Asia, SSE rebounded 5.9% this week to tested 4000 level, just close beneath it at 3965 points.

HSI is continue on its losing steak, 4th week in a row. Major support is at 23300-23600, no sign of reversal yet on its weekly chart below.

What's selling off really hard is dear STI, which lost the most this week, down 2.3%. It broke down 3190-3167 support level. Trading below its multi-year close. The selling looks "no-reason" other than the Chinese RMB devaluation or weak Singapore GDP but it seems "over-reacted" as compare to other markets. The weekly candles looks bearish with no signs of rebound, it probably needs to take some time for it to recover from the hard sell-off.

Singapore banks selling off hard this round, will be focusing on the blue chips for rebound.

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