Index Weekly Wrap for the Week of May 15

Summary of content for the week of  May 15:

1. Week 20 major indexes performance;
2. Week 20 US sector indexes performance;
3. Major indexes weekly charts of support and resistance levels;

U.S

U.S stocks ended lower and erased most of the prior week's gain as renewed U.S-China trade tensions and bleak economic data and warnings of further weakness ahead from Fed. U.S stocks losses divided, the technology dominant Nasdaq dropped little with 1.17% down but DJI index lost big with 2.65% down. Technically, no clear direction for the coming week as the week's candlesticks largely within prior 4-week trading range for SPX and DJI and Nasdaq formed a doji-liked candlestick which was indecisive. SPX and Nasdaq closed above both their 20 and 50 dma and DJI closed in between 20 and 50dma.

Among 11 major SPY sectors, Health care and consumer (both staples and discretionary) shares held up relatively well, while energy stocks lagged despite a rise in domestic oil prices, which touched their highest level in over a month. Real estate shares were also exceptionally weak, as worries grew that struggling retailers and other businesses would be unable to make lease payments.

China/HK

China A-Shares were able to hold steady as U.S stock came under selling pressure until midweek, before weakening on renewed anti-China threats from Trump. SSE finished the first week down after two consecutive weeks up. HSI index down but still trading within its 6-week trading range with no clear direction. 

Singapore

STI gave back all its prior week's gain and still trapped within its 5-week trading range as well. No clear direction with immediate technical support at 2500-2522 level.