Weekly Wrap

In US markets, the SPX closed positive, after previous three consecutive week down. The index just sitting above major support level 2040 (head&shoulder pattern neckline). First alert for bulls if it drop below this level in coming week(break down support).

STI too had a positive close this week, after three weeks down. Overhead immediate resistance is 2800.

Shanghai in retracement mode. No bullish reversal sign yet.