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Sunday, May 7, 2017

Weekly Wrap for Week of May 5

U.S stocks in nice uptrending, three major indices closed at record high for the week. Technology dominant index Nasdaq index($COMP) had highest YTD return so far with 13.3%, whereas local index Straits Times Index also recorded 12.1% YTD return come in second.

STI had a bullish breakout this week after eight weeks consolidation, hit new high with biggest weekly gain of 1.7%. It's expected the index to go up further with next major target at 3365 level.

HSI retreated this week but overall uptrend still well intact, Shanghai Index ($SSE) on the other hand, traded on its own in downwards momentum, closed 4th week negative to its 2016 YEC 31003.

Major indexes weekly performance and weekly charts are seen in below.

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