Index Weekly Wrap for the Week of Nov 23

Summary of Content for the Week of Nov 23:

1. Week 47 major index performance;
2. Week 47 SPY sector index performance;
3. Major index weekly charts of Support and Resistance levels.

US stocks plunged during Black Friday week, DJI was the worst performer with 1127 points or 4.4% loss for the week. DJI and SPX both had their YTD gain wiped off and Nasdaq YTD gained dropped to 0.52% only. The technology sector(XLK) was the worst sector among SPY 11 sectors with 6% loss for the week. Heavy weighted AAPL lost 11% this week. DJI closed below major uptrend line for the first time as seen in its weekly chart below, joined SPX index which broke its major uptrend line four weeks ago. 

In Asia, major indexes do not look like following exactly their US peers. HSI and STI lost 1% for the week and holding within their previous trading range, no big selloff. SSE closed at its 4-week low but within its bottom consolidation area. 

STI immediate support to watch is 3050 then 2950, immediate resistance level to watch is 3085 level. 

Index Weekly Wrap for the Week of Nov 16

Summary of Content for the Week of Nov 16:

1. Week 46 major index performance;
2. Week 46 SPY sector index performance;
3. Major index weekly charts of Support and Resistance levels.

US three major indexes dropped but all trading within their previous week range. No clear direction as all under consolidation. Out of 11 SPY sectors, 3 sectors closed positive and 8 sectors closed down. Consumer Discretionary sector was the worst sector with 3.32% down.

In Asia, China SSE index looks setting up a bottom just above 2600 level. As more and more foreign funds overweight on Chinese stocks. HSI and STI also closed positive this week but still within their previous week's trading range.

Index Weekly Wrap for the Week of Nov 9

Summary of Content for the Week of Nov 9:
1. Week 45 major index performance;
2. Week 45 SPY sector index performance;
3. Major index weekly charts of Support and Resistance levels.

US stocks closed up 2nd week in a row. Stocks continue to rebound after the mid-term election. Current momentum is obviously bullish. SPX next resistance is at 2815 level, which is this weekly high, expected to go up further if it broke above it.

In Asia, the three major indexes all closed down this week but all within previous weeks trading range. No clear direction to up or down at the current stage. Refer to major index weekly performance table below.

Index Weekly Wrap for the Week of Nov 2

Summary of Content for the Week of Nov 2:
1. US mid-term election on Nov 6;
2. Week 44 major index performance;
3. Week 44 SPY sector index performance;
4. October month major index performance;
5. Major index weekly charts of Support and Resistance levels.

World stocks rebounded this week, after a very bad Oct month. Well, historical statistics show stocks mostly performed poorly in Oct. (Refer to below table for major index performance in Oct month).
Next week will be a very important week as the US mid-term election will take place on 6 Nov Tuesday while Singapore market will be closed for public holiday. We should know the result on Wednesday, Nov 7 when market resumes trading. Do expect high volatility in stocks.

SPX and DJI rebounded back to their positive territory return YTD for the week. Refer to their weekly charts respectively, DJI ended closed above its major uptrend this week after dipped down below it intra-week; but SPX just bounced to the back of its major uptrend line and closed just below it.

Refer to below SPX daily chart(SPX.d), the first important Resistance level for SPX will be its 50% fib retracement at 2772(R1), that is also its 200dma resistance(green color MA). If the SPX were continue rebound above R1, then next target will be at 2812 level(R2), this level confluence with its horizontal resistance and its 50dma level.

Refer to below DJI daily chart(DJI.d), the first resistance will be 25536(R1) and then 25970(R2) should it continue rebound, it also confluence with its 50dma.

Refer to below daily chart for Nasdaq(Comp.d), first resistance is 7527(R1), which is also its 200dma level, 2nd resistance is 7670(R2), which also confluence with its horizontal resistance and 50dma, very important to watch.

Refer to below daily chart for HSI(HSI.d), the 1st importance fibo level is 27957(R1) should the market continue rebound, and 2nd is 29012(R2) which I think is unlikely. too far away...

As for Singapore market, STI next important resistance level is 3167-3200 level.