Index Weekly Wrap for the Week of Oct 12

World stocks had a bloodbath week led by the US. DJI index lost more than 1000 points this week which has not seen since Feb/Mar this year when Fed announced 1st rate hike scared investors. The US stocks finally joined the selloff outside US. Notwithstanding the three major index uptrend still well intact, we shall need few weeks if it really something for bears.

For the 11 SPDR sector ETFs, all sectors closed in red this week, with utilities lost least and Materials lost the most. Technology sector still the best performer sector with 10.76% YTD return, after big fall over last two weeks. See sector ETFs performance in below table.

In Asia, the three major indexes that in my watchlist all hit new low, weekly trends are bearish and we do not see any signs of immediate bottom.

STI immediate support will be 3000 then 2960 level. HSI immediate support level to watch is 25000 level and SSE immediate support 2600 then 2500 level. Index weekly performance as follows.