1. Week 3 major indexes performance;
2. Week 3 US sector indexes performance;
3. Major indexes weekly charts of support and resistance levels.
US stocks continued rebound for 4th week in a row, the SPX spiked up 2.9% this week, closed above its Fibonacci 50% level, which means it has recovered more than half of its loss in its recent fall from high of 2940. The markets look more like driven by the expected good result from US-China trade negotiations, so I will still consider the stocks are in rebound mode in downtrend rather than the uptrend, I'd rather monitor and see how low is retreated to when it sells off.
One notable change is the latest US PMI data for December dropped significant to 54.1 from November's 59.3, indicate slower down in the economy though still above 50 expansion/ contraction mark. We will have its Jan 2019 data in less than 2 weeks time.
As for the US stocks main sectors, financials( XLF), and Industrials(XLI) led the rebound for this week, with 6.12% and 3.42% up respectively. The least performing sectors are Utilities(XLU) and Consumer Staples(XLP) with -0.17% and 1.59% change. The top and bottom sectors indicate investors turned to risk-on assets.
In Asia, major indexes rebounded in hope that China will have more stimulus measures coming out for its worse than expected economy. Shanghai SSE, HSI and STI added from 1.7% to 0.8%, STI appeared somewhat fatigued after 4-week up in a row.
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