Index Weekly Wrap for the Week of Apr 24

Summary of content for the week of  Apr 24:

1. Week 17 major indexes performance;
2. Week 17 US sector indexes performance;
3. Major indexes weekly charts of support and resistance levels;

U.S
U.S stocks closed lower after 2-week consecutive up for the week ended Apr 24. The week's biggest event was the sharp drop in oil prices. The May WTI oil futures contract, due to expire Tuesday, closed at -$37.63 per barrel- meaning that buyers were getting paid to take store each barrel. The plunge in energy demand and what it implied for global economy seemed to worry investors the most. 

Technically, the three U.S indexes hold high and tight though closed a bit lower, the broadly watched SPX closed above its 50% Fibonacci retracement level and also 50dma(daily moving average) whic his a bullish sign and has the potential run higher to 61.8% target at 2934.49 level. Technology dominant Nasdaq index appears even more bullish, crossed and closed above 61.8% level this week and way above its 50dma level. 

China/HK
HK HSi index closed lower after 2-week up in a row, as it hitting major technical level 24600 support turn resistance level. Shanghai also closed lower but was still trading within its three-week trading range, consolidation.

Singapore
Singapore was the worst performer index in my watchlist below, with 3.69% down for the week, three local banks' exposure to an major local oil trader and the high number of virus cases obviously worried investors. Technically the index dropped back just below its previous 10-yr low 2522 level, watch if the index can hold around this level in coming week(s). 

Index Weekly Wrap for the Week of Apr 17

Summary of content for the week of  Apr 17:

1. Week 16 major indexes performance;
2. Week 16 US sector indexes performance;
3. Major indexes weekly charts of support and resistance levels;

U.S
U.S stocks closed 2nd week up in a row, the longest streak since Feb peak. All the three major indexes have recovered more than 50% of their coronavirus loss from Feb-Mar, technology dominant Nasdaq(#COMP) index outperformed by a wide margin, with more than 61.8% gain. Also the tech shares in SPX outperformed, helped by strong gains from chipmakers, as well as bellwethers Microsoft(MSFT) and Apple(AAPL), and a solid gain in Amazon(AMZN). 

Stocks turned to bullish as unprecedented fiscal from government and monetary measures from the Fed. When you have got too much money and liquidity out, stocks will benefit the most.

China/HK
China SSE index hit 4-week new high for the week, and HSI index hit 5-week new high. China's 1Q GDP contracted 6.8% came in better than expectation. And data shows industrial production rebounded sharply in March as compare to first two months. China is the first country hit by coronavirus and also the leading country to recover economic activities after the virus put under control, its economic data and recovery process will be mostly watched by markets.

Singapore
STI closed 2nd week up in a row, early gain on Friday was almost erased by profit-taking as Singapore's rapid rise in coronavirus cases made traders nervous. Immediate upside target is around 274--2750 and downside support to watch 2522 previous 1-0yr low. Refer to major indexes weekly charts below.

Index Weekly Wrap for the Week of Apr 10

Summary of content for the week of  Apr 10:

1. Week 15 major indexes performance;
2. Week 15 US sector indexes performance;
3. Major indexes weekly charts of support and resistance levels;

U.S
SPX recorded its biggest weekly gain in 45 years with 12.1% up, in the holiday-shortened week. The Fed also announced additional even larger stimulus program, promising $2.3 trillion in loans to smaller business and municipalities. 

Technically, the three major U.S indexes have so far recovered almost 50% of their losses from Feb high to Mar low as drawn in the weekly charts below. Quarterly earning announcement will begin next week first start with banks, if the indexes continue up to hit 61.8% Fibonacci retracement level then bulls will be in charge. 

Among 11 SPY sectors, the Real Estate(XLRE) and Materials(XLB) outperformed with more than 20% gain, and Consumer Staples(XLP) lagged with 5% gain. 

China/HK
China ended its lockdown of wuhan, the original epicenter of the coronavirus outbreak. SSE index muted this week with 1.18% gain only. HSI rebounded to 4-wk high with immediate technical resistance at 25000 level. 

Singapore
STI rebounded above its previous 10-yr low, closed at 4-wk high. Technical bullish with next target at 2744 which is the 50% mark of this round of selloff. 

Index Weekly Wrap for the Week of Apr 3

Summary of content for the week of  Apr 3:

1. Week 14 major indexes performance;
2. Week 14 US sector indexes performance;
3. Major indexes weekly charts of support and resistance levels;

U.S
U.S stocks closed lower for the week amid soft economic data and worsening of corona virus situation. Crude oil surged 32% to closed at 29, after hitting new low in decades to 19.27 early of the week. Oil related stocks such as the two #XOM and #CVX that mentioned in previous weekly post continue their rebound for 2nd week. 

Technically for SPX, given pile of negative news headlines and weak economic data, stocks dropped a little and hold in balance for the week, when what should happen doesn't. The market should be already factored in all the negative news and waiting for new developments. 

There are few cruise lines to in my watch list to focus for trading, without consideration of their fundamentals..that said..whether or not they will file bankruptcy. They are: #CCL, #RCL and #NCLH, three top operators in the sector. 

Among the 11 major SPX sectors, Energy(XLE) outperformed with 5.29%, Utility(XLU) and Financials(XLF) lagged with over 6% losses. Refer to below weekly performance table for details. 

China/HK
China and HK stocks had little change this week. China PMI reported a bounce to above 50 expansion mark in March as expected. And China's firms are reported 98.6% had resumed operations according to Xinhua news. 

Singapore
STI had its worst performance for the week as compare to its peers ,with 5.52% down. As it announced further social-distance measures and closing school and shops amid increasing local infection cases. Local banks and REITs took hit, such as MapletreeCom which owns VivoCity Mall, CapitaCom Reits and Capitamall Trust sold off hard. Continue watch technical resistance at 2532 and downside support at 2208 in coming week(s).