Index Weekly Wrap for the Week of Mar 15

Summary of content for the week of Mar 15:

1. Week 11 major indexes performance;
2. Week 11 US sector indexes performance;
3. Major indexes weekly charts of support and resistance levels.

US stocks rebounded and not only fully recovered last week's losses but closed new high, had a bullish breakout of its congested box(refer to SPX weekly chart below), which is very bullish. Encouraging economic data and accommodative central banks measures, the China government renewed pledges to support its slowing down economy, while the U.K voted to extend the Brexit deadline. Headlines of Brexit and trade negotiations between U.S and China will persist in coming weeks, but likely to filter the noise.  The SPX next target is to test its all-time high of 2940 before starting its fall last October. 

For the week ended March 15, technology heavy-weighted Nasdaq Composite Index($COMP) added 3.78%, was the top performer in my main indexes watchlist below. COMP weekly chart is very bullish, not only recovered previous week loss but gained more, made it the strongest index among the U.S trio. One key reason for the DJI to lag behind was heavyweight index stock Boeing(BA), BA stock price lost 10.3% to 378.99 after Boeing 737 MAX crashed in Ethiopia.

In Asia, HSI has fully recovered its last week losses as well, the index looks well poised to move up further in the coming week(s). SSE index tested 3100 for the 2nd week and back off down again by profit-taking, still up but may need more time for consolidation around the level. 

STI was the lagger in the week but also shows a bullish sign, ended its 2-week slip and closed just above 3200 mark. Immediate support 3167-3200 area.

For U.S sectors, Technology(XLK) was the strongest one with 4.56% up in the week, heavy-weighted AAPL was buying up. Industrial(XLI) was the only sector closed negative this week with 0.38% down.