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Sunday, January 7, 2018

Index Weekly Wrap for the Week of Jan 5

First week for new year 2018, all stocks registered stunning weekly return. Excellent start for the year. All indexes breakout new high except Shanghai index SSE which rebounded from its uptrend channel bottom( refer to weekly chart below). SSE set up for catch-up this year after testing major support, there are plenty of room to upside.

In the US, Nasdaq ($COMP) registered top return among my focus list of the indexes with 3.4% weekly gain, thanks to the strong performance of technology stocks. DJI chart shows the bulls are now in its 3rd uptrend primary phase--the excess phase(refer to my Dec 22 post HERE for more info). It has been the longest bull run for US stocks, watch out closely for any trend reversal.

Hang Seng index(HSI) continue it super bullish momentum after last year's awesome 36% return.

STI had breakout new high this year, spike out its upper trend channel marginally. Watch out for any pull back in coming week(s), it also may pull back for profit taking then rebound back up again, just like HSI chart which already trending outside its uptrend channel and continue trending up.

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