Weekly Wrap for the Week of 23 Jun, 2017

US stocks ended the week inched up bit, the DJI and SPX stayed almost flat but technology dominated Nasdaq(COMP) rebounded 1.8% after two weeks profit taking. The Technology stocks index look in great shape.

Over in Singapore, STI was the only index that closed in red this week, lost 0.7% to immediate key support level at 3200, could trigger further selloff if the support level 3200 violated.

Shanghai SSE index rebounded from its key support level 3100 this week, as MSCI announced on Wednesday that it will include 222 China domestic A Shares into its Emerging market index next year 2018. We need to see the index to above 3300 level for uptrending. On the other hand, HSI has been in two weeks consolidation previous strong upside move.

Weekly Wrap for the Week of Jun 16

US stocks had a mixed week, the DJI had 4-week up in a row, hit all time new high, SPX in 3-week consolidation range, the technology companies dominated Nasdaq($COMP) was down for 2nd week due to profit taking, tech stocks soared up quite a lot this year with 14.3% YTD return. In overall, US three major indices uptrend still in good shape.

Over in Asian markets, STI has been in its 6-week consolidation range, uptrending. HSI on the other hand, closed first week red after 5-week consecutive up. Strong uptrend but watch out for short term profit taking.

Shanghai stock index retreated this week, continue to watch key support level 3100 and immediate resistance 3165 level for upside move.

Weekly Wrap for the Week of Jun 9

US markets close mixed this week, DJI continue its 3rd week up in a row, but SPX and COMP closed down this week due to profit taking, though overall uptrending remain strong and firm for all three indices.

Asian markets outperformed US this week, with all major indices Shanghai(SSE), Hongkong(HSI) and Straits Times(STI) closed with gain between 1.7% to 0.4%, higher than US three major indices.

SSE rebounded from its key support level 3100 with 1.7% gain this week, let's see if it can play a catch up as it's the worst performer YTD return among all the six indices.

STI rebounded and hit 3-wk high, upward move resumed and expected to continue move higher in coming weeks. Immediate resistance to watch is its recent high of 3275, and immediate support at 3190.

HSI index has been top perform with 18.3% return YTD, in a bullish run up. The probability of profit taking increases now as it approaching its upper trend line as depicted in its weekly chart below.

Major indices weekly performance and weekly charts are shown in below:

Weekly Wrap for the Week of 2 Jun, Monthly Wrap for May, 2017

US three major indexes all hit new all time high this week, bulls are in charge.

STI rebounded this week, resumed uptrending; the index uptrend is well intact. Immediate support is 3190 and resistance at 3265,

HSI has been outperformed all other indexes this year with most gain of 17.8% YTD, whereas China SSE has been the worst performer this year, it closed just above edge of 3100 key level this week, about the same level it close last year(YEC).

Weekly index performance and weekly charts as follows.