Index Weekly Wrap for the Week of Jan 11

Summary of content for the week of Jan 11:

1. Week 2 major indexes performance;
2. Week 2 US sector indexes performance;
3. Major indexes weekly charts pf support and resistance levels.

US stocks have recovered all its loss now--3rd week after the panic selloff week which spooked global investors. The recovery has been fast and unexpectedly strong. While this week SPX candlestick looks very bullish and the index certainly wants to go higher coming week, do look out for overhead resistance at 2640--the 50% Fibonacci level for the period from recent high 2940 to low 2346. Refer to below major indexes weekly performance table and charts.

US 11 major sector indexes all went up this week. The industrials (XLI) and Real Estate(XLRE) added the most with 4.17% and 4% respectively; Consumer Staples(XLP) and Utilities(XLU) added the least with 0.72% and 0.87% respectively. Refer to below sector indexes weekly performance.

In Asia, STI and HSI were the top gainers with 4.6% and 4.1% respectively, but SSE looked still in the doldrums, a laggard with 1.6% up this week. STI continue shows resilience and strength, nest major level of resistance is 3260 if it can break out immediate resistance 3200.