Index Weekly Wrap for the Week of Aug 2

Summary of content for the week of Aug 2:

1. Week 31 major indexes performance;
2. Week 31 US sector indexes performance;
3. Indexes performance for the month of Jul;
4. Major indexes weekly charts of support and resistance levels;

U.S
U.S stocks suffered their worst week so far in 2019 as Trump's announcement of a new 10% tariffs on $300 billion worth of China's imports starting in September, with option to increase to 25% and beyond. This has overshadowed the fact Fed's interest rate cut for the first time in a decade, which is welcomed by the stock markets.  

Technically, the fear index VIX shoot up to its highest since May for the week, which is bearish sign. The three major indexes retreated from their record highs, could continue going lower given the stocks are not cheap. Investors tend to take profit when uncertainties on the rise. 

Among the major 11 SPX sectors, Real Estate(XLRE) and Utilities(XLU) are the only two sectors recorded a positive close for the week, while Technology(XLK) and Consumer Discretionary( XLY) are the two lagging sectors. Refer to the weekly sector performance table below.

China/Hong kong
China and HK stocks slumped after U.S tariff escalation announced by Trump. Both SSE and HSI indexes hit their 7-week low since June.

Singapore
STI had its worst weekly decline this year with 3.05% down. The long back candlestick on its weekly chart looks very bearish especially when in fact it retreated from its major downward trendline. Plenty of room to downside technically, as shown in its weekly chart below.