Weekly Wrap

For the week, Asian three major indexes outperformed US market three major indexes. Asian indexes gained from 0.8% to 2%, whereas DJI and SPX gained 0.5% and 0.4% respectively, the Nasdaq lost 0.7%.

US markets were sell-off heavily, with COMP dropped 2.6% to its 8-week low. SPX and DJI also formed a bearish shooting star candlestick which are bearish indicator for coming week. It maybe a key reversal day for the US market.

HSI got 2% up in the week, back to its Year-End-Close(YEC) figure 22657-22306. It's now in " balance".

STI had first time outperform its last year close. Closed above YEC 3167-3190. It hit new 5-month high since Nov but unable to break 3220 resistance. The outlook is bullish though it may retreat in short term.