1. Week 24 major indexes performance;
2. Week 24 US sector indexes performance;
3. Major indexes weekly charts of support and resistance levels;
U.S
The week saw a dramatic reversal in sentiment. U.S stocks snapped a string of 3-week gains that boosted the Nasdaq to all-time highs and the SPX within shouting distance of positive territory for the year. The SPX suffered its worst daily sell-off on Thursday since Mar 16, three main reasons attributed to:
1) Fed Chairman Jerome Powell surprised investors with a fairly bleak assessment of the pace of the recovery in the coming months, predicting the unemployment rate would end 2020 at 9.3% and warning of permanent job losses;
2) Concerning of 2nd wave of virus infections as reports of increasing numbers of cases in serval states;
3) Profit-taking to harvest recent gains as stocks run into new high;
Technically, SPX rebounded on Friday and recovered some of its losses, the recent uptrend from Mar low still intact and the index closed at its 20dma and still above its 50 and 200dma. No clear direction as to where the market will go in the coming week though weekly candlestick appears very bearish.
Among the 11 major SPX sectors, Financials(XLF) and energy(XLE) fared worst and the fast-growing IT sectors i.e Technology(XLK) and Communication Sevices( XLC) help up best. Refer to the below sector indexes weekly performance table.
China/HK
China Shanghai Composite Index(SSE) declined amid disappointing credit data and weak global sentiment. SSE ended down 0.38% after a two-week gain. HSI also down by profit-taking and after hitting a 3-month new high. Immediate technical support for HSI is 24,000 which is both 20 and 50dma.
Singapore
STI hit 2800 level and down by profit-taking, immediate technical level to watch 2611 gap support. Singapore is looking forward to re-open practically entire economy this month as saying by national development minister Lawrence Wong, this should provide optimism to stocks.
No comments:
Post a Comment