1. Week 28 major indexes performance;
2. Week 28 US sector indexes performance;
3. Major indexes weekly charts of support and resistance levels;
U.S
U.S stocks hit fresh new record highs this week on the expectation of Fed rate cut. All three major indexes hit a record high, DJI and SPX closing above 27,000 and 3,000 levels respectively for the first time, that's remarkable. Technology dominant Nasdaq index hit a record high as well. The Fed and ECB both considering fresh stimulus to the economy through interest-rate cuts. U.S solid consumer spending which accounts for 70% of economic growth is the main driver to its economy, as well as its unemployment rate at 50-yr low and low-interest rate. On the other hand, one of the main uncertainties for economy growth still U.S-China trade negotiations. One chart worth to take a look is the output gap and stages of the U.S business cycle, 1965-2019, as below:
Notes: This chart shows an estimate of the U.S. output gap (that is, GDP as a percentage of potential GDP). We have classified different time periods as belonging to certain stages of the business cycle. The classification of the stage is done via a 'cluster analysis' that groups together time periods where economic series have behaved in similar ways.
Among 11 major sectors, Energy(XLE) was the best performer and Healthcare(XLV) was lagging behind.
China/HK
China Shanghai index recorded weekly loss, as the latest data from China showing both weaker imports and exports from U.S. Also the uncertainties about U.S-China trade talks are unlikely to be settled so soon. The three Asian indexes under my watchlist all posted weekly losses.
Singapore
STI had a pause this week after 5-week up in a row. Upside immediate resistance is year-high at 3415 and immediate technical support is at 3320 level.
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