Weekly Wrap

Let's review world major indices for the week. US market three major indices starting to move higher, after five weeks of sideway consolidation for Dow Jones Industry Average(DJI), and similar to S&P 500 and Nasdaq index. Their gain with closing price:
DJI + 253 or +2%, at 13075
SPX +23 or +1.7%, at 1385
Nasdaq +32 or +1.1%, at 2958

All the three indices have more space to move upside. One major event market will watch is the Fed FOMC announcement on 1 Aug. Market is expecting possible QE3.

In Asia, Hang Seng and Straits Times both are flat in the week with little change. HSI formed a doji at 19000 support, STI formed a doji at 3000 resistance, kind of rest after recent run up. If HSI got to moving higher, STI probably will follow as well.

ShangHai continue drop lower this week, for two months already. Next target is 2044 if it were continue slid.