Summary of Content for the Week of Dec 28:
1. Week 52 major index performance;
2. Week 52 SPY sector index performance;
3. Major index weekly charts of Support and Resistance levels.
US stocks rebounded after three weeks down in a row, but all three major indexes are still underwater YTD return. Understand we are left one more day on Monday to close the year 2018, the big picture is that all three indexes already had their major uptrend broken down and this might be just a rebound before further downside. The first resistance for SPX will be 2530 to 2603 level, if it continues rebound.
Best performer sectors are Consumer Discretionary(XLY) and Technology(XLK) with gain of 4.48% and 3.72% respectively, Utilities(XLU) down 1.82% this week.
Gold rebounded and hit 6-month high at 1282.6 this week, an indicator as fretted investors are risk off to safe-haven. Crude Oil closed at 45.34, just above its key support 42 which is the 2017 low, down 45% from its 76.9 hit in Jan 2018. Fear Index VIX closed down at 28.34 after hitting intra-week high of 36.2.
Over in Asia, STI ended the week positive after 3 weeks down, tested 3000 support level and rebounded this week. The congested area between October low 2955 and 3000 is key support level for bulls.
Both Hang Seng Index(HSI) and Shanghai Index(SSE) closed slightly down but both within their recent "bottom" range, no heavy selling into the year-end holiday season. HSI support area is its October low 24500 to 25000 area and SSE support at the October low 2449 level.
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