Weekly Wrap for the Week of Aug 11

Major markets all close red this week, following US stocks' panic selling. The fear factor VIX index surged 55% this week to 15.51. US stocks uptrend still intact but bearish reversal signal seen, probability of downside risk increased in coming weeks.

STI retreated near its major resistance 3365, 2nd week close negative, immediate support 3260-3270.

HSI hit its upper channel line and retreated, formed a bearish engulfing weekly candlestick, indicates more profit taking in coming weeks. It still the most outperformed index with 22.2% return YTD.

Shanghai SSE index was unable to hold above 3300 level after it broke it last week, retreated this week from the resistance. Major support is 3100.