Index Weekly Wrap for the Week of Mar 23

A week of bloodbath for world stocks, as the US-China trade war getting cloudier. US three major stocks indexes among the worst performers, lost 5.7% to 6.5%. DJI and SPX's profit this year were wiped off in one week and slapped to negative territory. From technical perspective, Nasdaq($COMP) close on its major uptrend support line and SPX and DJI both closed below their respective major uptrend lines.

In Asia, Hang Seng weekly chart still looks good. Retraced to its just above its YEC level 29919(support).

STI was selloff from its uptrend channel line resistance and just above its YEC level 3402 too. Shanghai index (SSE) broken its uptrend channel line for 2nd time, dropped to near its previous low, to watch major support level at 3100 in coming week(s).

Index Weekly Wrap for the Week of Mar 16

US markets major three indexes down a little by profit taking, amid of trade war uncertainties. Technologies dominate index Nasdaq($COMP)  look still very bullish, one of the strongest performer with YTD return of 8.4%. also, DJI trapped within its 6-week trading range, and SPX was within its 3-week range bound.

In Asia, major index Hang Seng(HSI) rebounded back to its 6-week top range, uptrend well intact,
STI was capped by its uptrend channel top as resistance at 3550 level. Shanghai index (SSE) has been consolidating at its uptrend channel bottom support line 3245 for 4-weeks already, more upside is expected if it can close above 3300 level.

Major index weekly performance and weekly charts are as follow.

Index Weekly Wrap for the Week of Mar 9

Stocks rebounded, all major indexes in my table below back to positive YTD return with 2.4% to 9.5%, except SSE closed exactly at its YEC level. VIX index dropped 11.49% on Friday to 14.64 which indicated traders are less worried and bullish on the markets.

US stocks are leading the rebound, especially Nasdaq($COMP) hit new high, the technology stocks dominated index very bullish.

In Asia, China SSE rebounded from its uptrend channel bottom line, and is expected for further rebound with first target level 3500, SSE has been lagging behind. The gap between SSE and other major indexes are expected to narrowing. Bullish on Chinese stocks.

Hang Seng HSI index rebounded from its YEC level(support), cleared its way for further upside.

STI rebounded from its intra-week low and left a long tail on its weekly candle, upside resistance is 3550 level which near recent top and also its upper trend channel line.

Index Weekly Wrap for the Week of Mar 2

Stocks resumed selling mode after two weeks of rebound. Major indexes in my table below all closed in red for the week, lost between 1.1% to 3%. DJI lost 3% being the worst performer this week, and it also closed YTD in red, with 0.7% loss; but technology dominated index COMP( Nasdaq index) still recorded 5.1% YTD return, which is the highest among all.

The fear factor VIX index rose to 19.59 points this week, jumped up 18.7% this week, stocks now risk retesting Feb sell-off low on trade war fears. Technically, both DJI and SPX closed below 50% fib level of recent high to low range, indicating the indexes likely drop back to recent low.

STI tested its recent high then reversed down to close below its uptrend channel top as seen in below weekly chart, major support level will be YEC at 3402.

HSI key support level to monitor is the 30,000 and SSE to monitor 3,000 level.