1. Week 50 major indexes performance;
2. Week 50 US sector indexes performance;
3. Major indexes weekly charts of support and resistance levels;
U.S
U.S stocks rallied to fresh record highs this week. There are three dominant issues for the most part of this year 2019: trade, Brexit and Fed rate. As market already in speculation, China and U.S confirmed phase one trade deal after Asian market close and before U.S markets open on Friday, this is a relief and easing fears of further trade escalation. Brexit political uncertainty also reduced after UK conservative party won in the general elections.
But gains brought by trade deal good news may have tempered by November Retail Sales data released this week-only rose 0.1%, well below expectations. Consumer spending fell sharply suggesting that consumers were more cautious about discretionary purchases. Note that consumer spending contribute about 68% of U.S GDP. U.S major indexes DJI inched up 3pts, SPX flat and Nasdaq added 17pts on Friday.
Among major sectors, Technology(XLK) outperformed, and Real Estate(XLRE) lagged.
China/HK
Shanghai stocks surged for 2nd straight week as momentum picked up toward a "phase one" trade deal. HSI index is the most outperform index in my weekly index performance table below, with 4.49% or 1189pts gain, it may play catch-up as it's much lagging behind other major indexes in YTD return this year--only 7%, as compare to SPX' 26% and SSE 19% YTD.
HK stocks are very attractive for its very low valuations.
Singapore
STI formed a very bullish weekly candlestick and expected to continue rebound towards end of the year. Major resistance at 3285 previous high.
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