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Sunday, June 11, 2017

Weekly Wrap for the Week of Jun 9

US markets close mixed this week, DJI continue its 3rd week up in a row, but SPX and COMP closed down this week due to profit taking, though overall uptrending remain strong and firm for all three indices.

Asian markets outperformed US this week, with all major indices Shanghai(SSE), Hongkong(HSI) and Straits Times(STI) closed with gain between 1.7% to 0.4%, higher than US three major indices.

SSE rebounded from its key support level 3100 with 1.7% gain this week, let's see if it can play a catch up as it's the worst performer YTD return among all the six indices.

STI rebounded and hit 3-wk high, upward move resumed and expected to continue move higher in coming weeks. Immediate resistance to watch is its recent high of 3275, and immediate support at 3190.

HSI index has been top perform with 18.3% return YTD, in a bullish run up. The probability of profit taking increases now as it approaching its upper trend line as depicted in its weekly chart below.

Major indices weekly performance and weekly charts are shown in below:

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