Weekly Wrap

US market had a positive week again. So far, Dow Jones Industry Average Index and S&P 500 Index both have had five weeks up in a row. The broad market index SPX gained 14.88 or 1.1% this week, closed at 1405, which is right at its major resistance level. Its weekly candlestick looks bullish, choppy movement is expected in coming week as it approaching this major resistance level 1405.

For Singapore market, STI formed a red candle this week but still closed with 2.87 points or 0.1% positive at 3054 level, it has yet had any major retracement after nine weeks strong upside. Overall uptrend is still intact, immediate support is 3030 level if STI were to retrace, which is its major resistance turn support level. STI had breakout 3030 one week ago. Next major target is 3190 if STI to move upside, which should take some time to reach there.