Summary of content for the week of Aug 21:
1. Week 34 major indexes performance;
2. Week 34 US sector indexes performance;
3. Major indexes weekly charts of support and resistance levels;
U.S
SPX index advanced for the fourth straight week. Technology stocks leading the index to a new record high. By common definition, this marked the fastest recovery from a bear market in history according to Dow Jones Market Data.
Uneven performance. Technology stocks such as Google( GOOGL.O) and Apple(AAPL.O) which are heavy weighting in benchmark indexes were among the best performers. AAPL has 7% weighting in SPX and 8% in the DJI index. AAPL becomes the first company that has crossed U$2 trillion in market capitalization this week, the company announced a four for one split and will be trading ex-date Aug 31,2020. Meanwhile, value sectors such as financials and energy shares recorded declines. Refer to below 11 SPX sector indexes weekly performance table.
China/HK
Mainland China stocks ended the week slightly higher as the postponement of the U.S-China trade deal review. Shanghai SSE index recorded 10.84% YTD return, second-best index after Nasdaq index as shown in my major indexes weekly performance table below. Technically, SSE index has been in sideway consolidation after having a breakout from its major downtrend line. Bulls are in control.
HSI is just sitting above 25000 level, within its consolidation range.
Singapore
STI index has been the worst index performer, with negative 21.5% YTD return, a lagger. A lot of room to the upside for it to catch up. Singapore retailers have been net buyer and institutions have been the net seller this year, according to MKES research webinar today Aug 22. Technically, STI's immediate at 2500 then 2400 level.
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