Index Weekly Wrap for the Week of May 31

Summary of content for the week of May 31:

1. Week 22 major indexes performance;
2. Week 22 US sector indexes performance;
3. Monthly Indexes performance for May;
4. Major indexes weekly charts of support and resistance levels.

U.S

U.S stocks dropped 4th week in a row, ended the month of May solidly lower amid rising trade tension with China and latest with Mexico. SPX index dropped below its 200dma, considered a pivot level. Bond prices continue rallied and as a result 10-yr bond yield declined to lowest level in 21 months, the inverted yield between 3M and 10-yr bond has been a reliable recession signal in the past with 6 months to 3years lag based on historical data. 

All the 11 sectors dropped this week in the S&P 500, Energy(XLE) performed worst and Real Estate(XLRE) help up best. 

The month of May seen major indexes in my table below lost between 5.8% to 9.4%. The monthly candlesticks for major indexes look bearish, signal further downside possible. 

China/HK
Shanghai index edged up a slightly weekly gain but still recorded their biggest monthly loss since October. Trade relations deteriorated over the week as China threatened to ban on its rare earth to the U.S and would set up "unreliable" foreign entities. 

Singapore
STI recorded 8.3% loss in May 2nd worst index after HSI. It dropped to 4-month low. The monthly candlestick looks pretty bearish, expected further downside move.