Weekly Wrap

US markets in 2nd week rebound. Technology stocks especially strong, whiel COMP index hit new high to 5305 points. SPX and DJI both are still above their key support level, uptrend well intact. Bulls are in charge.

HSI is the top performer this year with 8.1% YTD. It gained 1.5% for the week.

STI is supported by its ascending line 2800 but under pressure for 2882 YEC level. Clear direction if break either side.

Weekly index performance table as below:

Weekly Wrap

US markets rebounded this week, after flush-down last week. The three major indexes rebounded from their key support level, uptrend still well intact.

STI lost 1.6% this week but managed to stay just above its key ascending line. Immediate support is 2800 level, resistance is at 2882 YEC level, if it continue rebound in coming week.

HSI and SSE had shortened trading week due to mid-autumn festival holiday. HSI lost 3.2% fell back inside its uptrend channel, as shown in below chart.

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Stocks such as MGM China 2282.HK, Sands China 1928.HK and Galaxy 0027.HK all demonstrating bottom rebounding.

Weekly Wrap

US stocks suffered worst loss since Brexit. DJI nosedived nearly 400 points, SPX plunged over 50points as rate-hike fear gauge jumped. On weekly basis, DJI, COMP and SPX lost 2.2%, 2.4% and 2.4% respectively. Fear index VIX surged up 40% to 17.5 on Friday.

DJI broke its key support level 18300, next critical support level to watch is 18000. SPX immediate key support zone is at 2125-2100 area.

STI was already pulled down by smart money on Friday before the US market open, lost 25 points. The index spiked above 2882 YEC intra-week but unable to hold above it on weekly close. Given the bloody selloff of US on Friday, it's under more selling pressure in coming week.

HSI being the best performer for the week and also in the year, is due to a pull back in coming week, as shown in below chart, its 3.6% gain in the week looks overbought already, traders will take this opportunity to sell and take money off the table, also new sellers will come into the market in coming week.

(click below weekly charts to enlarge)

Weekly Wrap

US three major indexes rebounded 0.5 to 0.6% this week. DJI and SPX has been trading range bound for past 7-week, Nasdaq in its 4th week sideway.

STI being the worst performer with 1.9% loss for the week, hit its ascending trend line, possible support if it can rebound from 2800 level in coming week. Immediate resistance will be 2882 YEC level.

HSI has been trading bullish for past five weeks, approaching its upper trendline and horizontal resistance 23600.

SSE has been sideway trading for 3rd week, immediate support 3000 level, plenty of room to upside.

Monthly Index Performance for Aug

Index Performance Monthly for Aug.

Best performer: HSI+5%

Worst Performer: STI-1.7%