1. Week 29 major indexes performance;
2. Week 29 US sector indexes performance;
3. Major indexes weekly charts of support and resistance levels;
4. Major indexes monthly performance for June.
U.S
U.S stocks finished out a bumpy week mixed. SPX and DJI closed 3rd week up in a row but the technolgy-dominant Nasdaq closed lower. SPX reached intra-week level not seen since the market selloff began in late Feb, at its peak Wednesday, the index was briefly in positive territory for the year. Market seen shift out from high valuation growth stocks to value stocks, caused Nasdaq to pull back from its all-time high.
Earning seasons kicked off started this week, several major banks reported deep drops in profit. But early vaccine hopes boosted sentiment as Moderna Therapeutics announced its novel vaccine had produced high levels of antibodies in all tests. Oxford University also announced progress in their vaccine candidate. Coming week, market should be continue focus on vaccine front, major companies' earnings, and US-China tension.
Technically, SPX index is trading above all its 20/50/200dma, has been trading in a 3-day short term sideway range near recent peak. A breakout from its last 3-day range up or down should provide an early signal.
China/HK
Shanghai index SSE slumped in a volatile week amid economic data, renewed U.S trade tensions, and profit-taking following recent rally. China's 2Q GDP beat expectation at 3.2% growth rate, reversing a historica 6.8% contraction in 1Q. SSE index technical trend remains bullish, it rebounded a bit after hitting its 20dma on Friday. HSI experienced profit-taking after recent rally as well.
Singapore
STI index closed down 2nd week in a row. Technically, the index immediate upside target 2750 and downside support 2572 level.
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