Summary of content for the week of Sep 25:
1. Week 39 major indexes performance;2. Week 39 US sector indexes performance;
3. Major indexes weekly charts of support and resistance levels;
U.S
U.S stocks fell for the week, marking 4th-week decline in a row for S&P 500 (SPX) index-its longest weekly slide since 2019. Some selling pressure amid major negative headlines but the SPX closed on a positive note into the weekend. Technically, U.S stocks major uptrend still intact though the SPX into correction by definition after down more than 10% from its recent peak.
The Negative Headlines.
- U.S-China trade tensions are rising.
- A coronavirus vaccine won't be widely available until Apr 2021. The resurgence of new COVID-19 cases in Europe to keep investors wary.
- Jobs data came out worse than expected, and hopes for a new fiscal stimulus package fading.
- The political battle ahead of Nov Presidential election could over shadowed economy recovery efforts.
U.S stocks major trend still up despite all the above negative headlines. Technology(XLK) stocks led the way rebound after being at the head of the pack in the pullback. Nasdaq index was the only index closed with a 1.1% weekly gain. Energy(XLE) stocks suffered the biggest declines in the SPX sectors.
U.S dollar(DXY) rebounded to a 9-week high. As a result, Gold price declined to its 9-week low.
China/HK
China Shanghai stocks (SSE) fell in tandem with the global correction. SSE and HSI indexes were among the two worst performing indexes with 3.56% and 4.99% loss this week. SSE index major support at 3200-3150, and HSI index major support at 23000-22500 level.
Singapore
STI index continued drifting lower this week and closed a new low since Apr. Immediate technical support at 2446-2450.
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