Weekly/Monthly Wrap

Another bloody sell-off week for Shanghai index(SSE), the index dropped 12.1% this week despite government's effort to turn around the heavy selling off. It has been dropped 19.7% in previous two weeks already. Some traders regard Shanghai as a "mafia" market--majority retail investors money has been wiped out in such a short time frame for nothing.

The weekly candle as shown in below chart looks pretty bearish, next major support is at 3415-3235, about 260 points for possible further drop. Let's see how the Chinese government is going to intervene the crisis. By definition, any drop of more than 20% is consider bear market.

US three major indexes lost from 1.2-1.4% this week, closed for holiday on Friday.

HK is on retracement mode now, as affected by China market. Current support is at 26000 level.

Singapore STI surprisingly showing resilience to the widely bearishness markets.  It went up 0.7% to close at 3342.73 for the week, it expected the index should consolidate below 3365.

Refer to below major indexes charts.

Monthly index performance for June.