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Saturday, September 10, 2016

Weekly Wrap

US stocks suffered worst loss since Brexit. DJI nosedived nearly 400 points, SPX plunged over 50points as rate-hike fear gauge jumped. On weekly basis, DJI, COMP and SPX lost 2.2%, 2.4% and 2.4% respectively. Fear index VIX surged up 40% to 17.5 on Friday.

DJI broke its key support level 18300, next critical support level to watch is 18000. SPX immediate key support zone is at 2125-2100 area.

STI was already pulled down by smart money on Friday before the US market open, lost 25 points. The index spiked above 2882 YEC intra-week but unable to hold above it on weekly close. Given the bloody selloff of US on Friday, it's under more selling pressure in coming week.

HSI being the best performer for the week and also in the year, is due to a pull back in coming week, as shown in below chart, its 3.6% gain in the week looks overbought already, traders will take this opportunity to sell and take money off the table, also new sellers will come into the market in coming week.

(click below weekly charts to enlarge)

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