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Saturday, March 26, 2016

Weekly Wrap

US market ended with first negative week after five-week up in a row.  Both DJI and SPX turned down after hit a major descending line resistance. SPX unable to break above 2050 resistance level, ended 13 points down to 2036.

However, bulls are not totally lost in control yet, let see the selling is to continue in coming week or just a pause for bulls after long run. There are times go fishing and time for rest. When it's unclear, it's time to standby monitor and take a rest now.

STI formed a pretty bearish reversal candlestick end of the week, at 2882 YEC, as major resistance level now. This place is where both bulls and bears are expecting to fight furiously. Which camp will win? Let's see...

HSI was sell-off this week as well, formed a bearish pattern at resistance level 20600, similar to STI.
SSE is the only index had a positive close not a lot though.

Year-to-date return, Shanghai is the weakest, 15.8% loss so far, DJI is the only positive index with 0.5% gain. STI lost 1.2% YTD.

Enjoy your long weekend, in observing Good Friday.

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