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Sunday, June 10, 2018

Index Weekly Wrap for the Week of Jun 8

US stocks rise, DJI and SPX made 3mth high and COMP made all time new high, the technology dominant index is exceptional bullish. All indexes recorded positive YTD return EXCEPT Shanghai index(SSE) which still underwater 7.3%, the giant bulls are still sleeping there.

In Asia, HSI rebounded after it tested its YEC support level last week, which is also its major uptrend channel bottom. More upside expected IF it can CLOSE above 31500 in coming week(s), downside major support a YEC level 29920.

STI last weekly candle looks weak after 3 weeks selloff consecutively, bulls need sometime to regain strength. Immediate support at 3400 which is also its 250dma. Immediate upside resistance at 3500.

SSE in 3rd week negative close at low, no strength at all. Major support at 3000 level.

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