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.
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