Index Weekly Wrap for the Week of Jul 6

US stocks turned positive this week. The SPX and COMP rebounded after two weeks profit taking, and DJI 1st week after three weeks fell. Both SPX and COMP recorded 3.2% and 11.4% YTD return while DJI appears a bit weak with 1.1% loss YTD. ALL three major US indices uptrends are well intact. The US stocks look not affected at all by the kick-start of US-China trade tariff effective on Friday 6 Jul.  The fear index VIX fell more than 10%, back down to 13.37 on Friday.

On the other hand, Asia stocks continue fell attributed to the trade tariff and strong dollar. Equity Funds continue flowing out of Asia-pacific according to ETF Global Fund Flow statistics (https://www.etfg.com/research/fund-flow).

HSI fell for 4weeks in a row, immediate support is at 28000 level. STI also fell for 4weeks consecutively by now, just dip below 3200 major support level this week, expected the index could rebound around 3167 and 3200 technical support area in coming week(s). The Shanghai SSE index was the most worst performer with 16.9% loss YTD return. SSE is in 7th week continuous down in a row.

Major indices weekly performance and weekly charts are as follows.