1. Week 6 major indexes performance;
2. Week 6 US sector indexes performance;
3. Major indexes weekly charts of support and resistance levels;
U.S
U.S stocks closed at biggest weekly gain in six months, turned around drastically higher this week as it had biggest weekly loss in three months previous week. What a volatile market. Upbeat U.S economic data including stronger-than-expected Jan labor report, rebounded manufacturing PMI and the focusing of Walls Street- China's economic measures to offset the impact of the Coronavirus. Furthermore, China also announced to cut tarriffs on U$75 of U.S goods as part of phase-one trade agreement in the week, to be effective on Feb 14. Stocks shook off two-week slump and had a V shape rebound. Going forward, do expected market volatility increase.
Among SPX 11 major sectors, Technolgy(XLK) was the best performer, refer to below sector performance chart. Tesla(TSLA) is under spotlight as its price rocketed higher in first two days this week and came off down.
China/Hong Kong
Mainland China stocks opened this week after extended CNY holiday, dropped more than 9% on Monday as expected, and recovered sharply thereafter as China government injected RMB 1.2 trillion of liquidity into banking sector to support the economy and counter the impact of some of the short term financial stress. Foreign funds and domestic funds reported buying massively in a "bottom-fishing" manner. It has since recovered two thirds of Monday loss though SSE index closed still down 3.38% for the week. Technically there is a big gap between 2955-2877 area, most gaps will be closed in future.
HSI index also recovered and rebounded after hitting its major technical support around 26200 level.
Singapore
STI had gap-down on Monday following Asian peers but recovered almost 100% of its previous loss by Thursday, only down by short term profit-taking on Friday, gave back about one third of previous three-day gain. Bias to upside in coming week.
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