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Sunday, May 6, 2018

Index Weekly Wrap for the Week of May 4

Major stock indexes closed little change this week. In the US, Nasdaq($COMP) index has been the best performer, currently within its 6-wk sideway consolidation range, SPX and DJI are also in the consolidation but both below their YEC levels-weaker than COMP. The long legged weekly hammers on all three indexes indicate bulls are fighting to support current uptrend, not easy for bears to take over.

In Asia, STI still one of the top index recorded top YTD return with 4.2%, as compare to HSI which fell back to square one this week, the weak SSE struggling for a rebound just above 3000 level support, no strength.

STI immediate support will be 3500 and resistance at 3650 level.


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