Weekly Wrap

US markets sold off hard last night, Dow lost 309 points. Whole market sentiment are very bearish. Overall for the week, DJI-3.3%, SPX-3.8% and Nasdaq -4.1%.

In Asia, STI-1.5%, Shanghai-2.6% and HSI-3.5% for the week. Year-to-date performance, STI lost the most with 15.8% down this year, whereas HSI-9.1%.

Only two indexes managed to stay in green for this year: Shanghai +6.2% and Nasdaq +4.2%.



STI break low this week and continue declined. It looks to me no major support until 2800 in coming week.

Hang Seng weekly candle looks very bearish, 20500 next support area.



DJI hit its 5-week support at 17241 level, more downside is it break below this level in coming week.
As comparison, SPX already break below its 5-week support 2018, next major level to look at is its 50% fibo level at 1992.