Weekly Wrap

For the week, US markets ended in red as Nasdaq was sell-off heavily on Friday. Nasdaq declined 0.5% whereas DJI and SPX slid 0.3% and 0.1% on weekly as well.

In Asia, the indexes performance rather mixed. STI scored another week of gain, with 13.77 points or 0.4% up, SSE and HSI lost ground with 2.9% and 2.4% decline respectively. STI probably would react negatively on coming Monday, following US drop.

For STI, it has been very bullish for the past five weeks. However I'm a bit of cautious on its coming week performance given current negative momentum in HSI, SSE and in the US. In short term,upside is limit  it may consolidation or retraced. The immediate support is at 3250-3260.