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Sunday, December 17, 2017

Index Weekly Wrap for the Week of Dec 15

For the week ended Dec 15, US stocks all three major indexes hit fresh new high again. No signs of immediate reversal. Tech stocks dominated index Nasdaq had breakout new high after two weeks of sideway consolidation.

In Asia, however, the stocks look lackluster.  HSI index managed to stay above key support level 28512, after two weeks consecutive selloff. Shanghai SSE continue slid for 5th week, lost total 166 points or nearly 5% from its high 5 weeks ago. It's now at uptrend channel bottom support level. Are we going to have a bullish reversal in coming week? Let's see.

STI hit its upper trend channel line as resistance and in 2nd week retracement this week. Uptrend still intact but there are room for downside as well, next support level at 3380.

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