Weekly Wrap

For the week, US markets had its 3rd week decline in a row. DJI lost 2.7%, while the Nasdaq lost 4.5%--its 4-mth low. It's a sea of blood.

The Shanghai index in its 3rd week gain, albeit a smaller gain. HSI managed to hold above 23000 level for the week, after its sharp correction from 25000 to 22600 in four weeks. Continue watch 25650 level as I mentioned in my previous post for immediate support level.

STI ended its 4th week in red, another 29.37 points or 0.9% down. The weekly candle looks bearish, the bears are in control. Immediate support at 3220 which was tested three times and rebounded in May 14.

 The VIX index surged 46% to 21.24 for the week, crossed above 20 marks which indicating market turned to bearish now.