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Sunday, February 4, 2018

Index Weekly Wrap for the Week of Feb 2

A sea of blood selling off across all stocks markets have not been in sometime, some investors may even have forgotten it ever happened. In US three major markets, DJI and SPX each spiked down 4.1% and 3.9% respectively, the Nasdaq which dominated by technology stocks dropped less, the FANG stocks i.e. Facebook, Amazon, Netflix and Alphatbet(formerly known as Google) are still holding well. All three indexes had first negative weekly close after four weeks positive consecutively.

STI dropped only 1% for the week, it may catch up to drop more in coming week, back into its major uptrend channel(below 3500) seen in below weekly chart. It had first weekly negative close after 5weeks up in a row,

HSI closed first week in red after seven weeks up in a row, expected some profit taking selling in coming week. And Shanghai index SSE closed first week down after six weeks up consecutively. Immediate support will be 3400 level.

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