Weekly Wrap

For the week, all the six major indices in my list are in red, fell from 1.5%-2.1%. US markets continue to fall, Dow accelerate profit taking after hitting its historical high of 16174.51 points two weeks ago, ended its 8 weeks up winning steak. US markets turned to retreatment mode now. Likely more profit taking ahead as investors want to lock in profit for a good year ahead of holiday season.

In Asia, HSI index fell 2.1%, after it hit new high since Apr 2011 previous week at above 24000. It closed at 23245.96 points for the week. SSE also the first week in red after four consecutive weeks in green.

STI being the worst performer among all for last one month fell another 1.5% or 48.15 points closed at 3066.02 for the week. The indices weekly performance table as below:

STI is trading at its three months low, very close to its year low at end of Aug. The weekly candle is bearish, no reversal signal yet. The major support is at 3000.