Index Weekly Wrap for the Week of May 18

US stocks down a little on profit taking, after over 2% rise for the three major indexes last week. So far, uptrend is well intact for all three major indexes(refer to weekly charts below).

In Asia, both HSI and STI took a breath this week, but both indexes are in good shape of uptrend. HSI major support level 30000, and immediate resistance 31600. STI immediate support at 3500 and resistance at 3600.

SSE continued its rebound, 4th week in a row. Te index is a only one has negative YTD return with 3.5% loss. The best performer so far is NAsdaq(COMP) recorded 6.5% YTD return.