1. Week 30 major indexes performance;
2. Week 30 US sector indexes performance;
3. Major indexes weekly charts of support and resistance levels;
U.S
U.S stocks closed hitting fresh highs for the week, helped by better-than-feared corporate earning results and a stronger-than-expected 2Q GDP. The latest GDP released on Friday came in at 2.1%, beat estimates for a 2% but down from 3.1% in Q1. Consumer expenditures, the biggest part of the economy, beats estimated to increase by 4.3%. Fed is expected to cut rates in the coming week.
Within SPX 11 major sectors, Communication Services(XLC) outperformed helped by Google parent company Alphabet's(GOOGL) gain, and Twitter(TWTR). Utilities(XLU) and Energy(XLE) were the two lagging sectors. Refer to major indexes and sector performance in below table.
China/HK
China shanghai stocks up as traders looked forward to high-level trade talks with the U.S next week in Shanghai, first face to face meeting between U.S and China negotiators since talks broke down in May. SSE index posted first week gain after two consecutive week slip. Plenty of room to upside from a technical point of view.
HSI index recorded 1.28% down this week, has been trading within the range of 28000-29000 for 5-weeks so far, the unrest of protest in HK for about two months will make its economy outlook more damage than good. HK's tourism sector such as hotels, luxury brands already feel the hit from protest chaos.
Singapore
STI index has been trading near its top technical trading range 3380-3320 for 4-weeks in a row. It should provide early signs if trades out of the range.
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