1. Week 8 major indexes performance;
2. Week 8 US sector indexes performance;
3. Major indexes weekly charts of support and resistance levels;
U.S
U.S stocks closed lower, recorded first weekly losses in three weeks, as worries grew about the impact of the COVID-19 outbreak on the global economy. Number of cases infected in China seems like much contained but cases out side of China in countries such as S. Korea and Japan dampened sentiment. Latest business activity reports showed manufacturing slowed and the key services sector fell into contraction for the first time in four years.10-yr Treasury yield hit new 5-month low, an indication of money flight to safe heaven. SPX technical level to watch is 20ma 3323 then 50ma 3274 levels.
Stocks fell began in Tuesday after Apple revealed that it would miss sales target due to supply chain in China disrupted as factories delayed in normalizing their operation and demand shortfalls due to the close of its outlets.
Technology(XLK) was among the worst performs in SPX sectors, Communications services(XLC) also weak. Refer to below SPX sector weekly performance table.
China/HK
China SSE index rallied to a one-month high this week, encouraged by a rate cut and promise of more support to businesses from the central bank, falling new virus cases. But HSI closed down first week in three weeks. Technically it hit its major technical downtrend line and retreated from the resistance level. Refer to below weekly charts.
Singapore
STI closed 1st week in three weeks as well but the index traded within its four weeks price range. Expected mute in tradings for the time being as market is observing more evidence that the COVID-19 outbreak's impact on local business and economy.
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