Index Weekly Wrap for the Week of Aug 3

US stocks continue look great, despite all the worries and bearish speculations. The Nasdaq(COMP) index rebounded and gained the most this week, after last week knee-jerk selloff led by FB. AAPL led the rebound this week, becomes first public traded company hit $1 trillion.

On the other hand, Asian stocks reversed downside this week, affected by latest US-China trade tariffs. STI resumed selloff after three weeks rebound to back of its major uptrend channel(seen in below weekly chart) and resistance 3340 level. Downside major support at 3195 level.

HSI led the selloff this week, it broke down its 5week consolidation range, hit new low this week, bearish. SSE reversed down and closed new low this week too.

Index weekly and monthly performance for Jul and weekly charts shown below.