Major Indexes Fell Further For 2nd Week Without Specific Catalyst

 Summary of content for the week of  Sep 11:

1. Week 37 major indexes performance;
2. Week 37 US sector indexes performance;

3. Major indexes weekly charts of support and resistance levels;

U.S

U.S stocks declined for 2nd straight week, as technology stocks had their worst pullback since March low, which left the Nasdaq index about 10% below its all-time high reached just six trading days ago. In my focused major indexes table below, all indexes closed in red for the week with Nasdaq(COMP) closed down 4.06%.

Tech and Energy stocks suffered.  Tech shares were among the weakest within the SPX index, while energy stocks also suffered as oil price sank below USD 40 per barrel for the first time since Jul, partly caused by the cutting of oil price for some customers by Saudi Arabia. Among SPX 11 major sectors, Materials(XLB) was the only sector closed positive with 0.98% up, while Energy(XLE) declined 6.45%. Refer to below weekly sector performance table for details.

China/HK

China''s SSE index shed roughly 3% this week, in 2nd week decline taking thier cue from the U.S selloff. In addition to U.S tech sell down, news that the White House was considering adding SMIC(981.HK), China's top chipmaker to U.S blacklist for Chinese companies dealt a blow to investor sentiment. Hong Kong's HSI index dropped 2nd week as well immediate technical support at 24300 level. 

Singapore

STI drifted down below 2500 following other regional peers. Has been the weakest index in Asia after philippine stock index. Immediate technical support at 2477-2502 gap area. Blue chips such as the three local banks appear attractive in the mid-long term given its sound fundamentals and attractive dividend yield.