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Sunday, April 3, 2016

Weekly Wrap

DJI hit new high this year on Friday, also its first time hit 17800 since Jul 2015. Other two major indexes also reacted positively after Janet Yellen's dovish speech on interest rates. The indexes are continue climbing higher.

Next target for DJI is 18,000 level, target for Nasdaq is at 2950-5000, and 2100 for SPX, SPX broken its descending trend line this week, to upside. 

DJI and SPX are the two indexes are in positive territory zone so far this year. Whereas Shanghai index is the worst performer this year, lost 15% so far, HSI -6.5%, STI-2.2%.

STI is the only index closed negative for the week, lost 1% or 28.9 points to 2818.49. Continue to look for 2882 as STI target level. I'm in the view of bullish if STI traded above 2882 YEC, and bearish if it stays below it.

HSI is in three-week consolidation now, next resistance is 21914, SSE is in recovery mode, its first time closed above 3000 this year, and breaking above its multi-week bottom range. It's expected to continue go up in coming weeks with target at 3235 level YEC. 

Monthly index performance as in below table. For the month of March, all major indexes have gained between 6.5 to 11.8%, very bullish month. 

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