1. Week 25 major indexes performance;
2. Week 25 US sector indexes performance;
3. Major indexes weekly charts of support and resistance levels;
U.S
Stocks rebounded this week and erased part of the previous week's steep declines. The technology-heavy Nasdaq index(COMP) fared best and briefly moved close to the all-time intraday recently.
The week ended on a volatile note due to Friday's "quadruple witching"- occurs on the 3rd Friday of the month of every quarter, in Mar, Jun, Sep and Dec, and refers to the simultaneous expiration of single-stock options, single-stock futures, and stock-index options and stock-futures. The rebalancing of SPX index and several other benchmarks was also likely increased volume and price movements.
Mixed of good and bad COVID-19 headlines and economic data also contributed to market volatilities. Worsening of pandemic in several U.S states and Bejing continued weighing on sentiments. On the other hand, Fed announced it will begin buying U.S corporate bonds seemed to further support sentiments.
Among SPX 11 major sectors, Healthcare(XLV) and Technology(XLK) outperformed, and Utilities(XLI) lagged. Refer to below weekly sector performance table.
Technically, the US three major indexes largely in their three-week trading range with no clear direction though Friday's drop in DJI index could led negative sentiment in Asia on Monday.
China/HK
Shanghai Composite Index(SSE) gained 1.64% despite a reported surge in new COVID-19 cases in Beijing, highlighting the risk of a second wave of the infections. Despite fears of another wave, public health experts believe that China will be able to better manage it. SSE rose to new high since Mar 11, approaching 3000 level. HSI in its recent 3-week trading range.
Singapore
STI posted 2nd week down in a row by profit-taking strong rally 2-week ago. Immediate technical support at 2600-2610 area.
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