Weekly Wrap

It's a roller-coaster week, market very volatile as market had experienced Fed's first rate hike in nearly 10 years.

For the week, Shanghai gained the most for 4.2%, year-to-date gain is 10.6%, so far the best performer on my watch list.

STI gained 0.6% this week, year-to-date is 15.2% down, so far the worst performer. Please refer to below table for major indexes weekly and YTD performance.

The Dow was up in first three days this week, gone up more than 500 points only gave back all and more in next two days, ended down 136.66 points for the whole week. The chart looks quite ugly now(chart below). I managed short it and will be most likely stay in short US, for the time being.

SPX did almost as I expected in my previous post, it initially hit almost exactly 50% fibo level ( fib at 1992, it hit low of 1993) and rebounded, gone up 80points by Wednesday then was sell-off hard in next day, gave back all its gain as well but managed stayed above the major support level at 50% fib.(refer to chart below). Plenty of room to downside IF it break below this level in coming week.

STI has been trading on a "nice" descending trend so far. Immediate support is 2800, which it hit and rebounded from it this week.
 


Shanghai and nasdaq are the only two indexes managed to outperform this year, had positive close YTD so far.