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Sunday, March 4, 2018

Index Weekly Wrap for the Week of Mar 2

Stocks resumed selling mode after two weeks of rebound. Major indexes in my table below all closed in red for the week, lost between 1.1% to 3%. DJI lost 3% being the worst performer this week, and it also closed YTD in red, with 0.7% loss; but technology dominated index COMP( Nasdaq index) still recorded 5.1% YTD return, which is the highest among all.

The fear factor VIX index rose to 19.59 points this week, jumped up 18.7% this week, stocks now risk retesting Feb sell-off low on trade war fears. Technically, both DJI and SPX closed below 50% fib level of recent high to low range, indicating the indexes likely drop back to recent low.

STI tested its recent high then reversed down to close below its uptrend channel top as seen in below weekly chart, major support level will be YEC at 3402.

HSI key support level to monitor is the 30,000 and SSE to monitor 3,000 level.

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