Index Weekly Wrap for the Week of Aug 10

US stocks retreated this week after hitting intra-week new high, the DJI and SPX closed in red after 5weeks up in a row. The technology dominant Nasdaq(COMP) index looks still stronger despite the FB led knee-jerk selloff previous week, the index quickly rebounded to close at new all time high. All three indexes uptrend still well intact.

In Asia, major indexes rebounded this week, HSI rebounded back into its 6wk consolidation range after it closed new low previous week, indicated bulls has not easily given up yet. Shanghai index SSE also rebounded after dropping to previous low, as investors captured buying opportunity. Overall, it's still early to conclude that the index has bottom out. Bulls need to stay nimble and small.

STI has been consolidated for 3weeks just its bottom uptrend channel line, no clear direction going forward, I'm cautiously bearish. STI immediate resistance 3340-3360, and immediate major support at 3167-3200 area. Please refer to below weekly index performance and major indexes weekly charts.