SPX Closed at Six-Week Low, Tech stocks Led the Weakness

 Summary of content for the week of  Sep 18:

1. Week 38 major indexes performance;
2. Week 38 US sector indexes performance;

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

U.S

U.S stocks closed 3rd week down in a row, SPX hit a six-week low, driven by weakness in tech stocks. Stocks had risen by 60% from March low to early September in nearly straight-line fashion. Tech stocks gained 80% during the stretch, including an average gain of 91% from the big five(Apple, Microsoft, Google, Amazon, and Facebook). The decline in tech stocks appears still in control and a healthy breather. Technically, SPX uptrend is well intact but do expect short-term volatility in the market ahead. 

Value stocks and small-caps outperformed.  As investors continued to reduce bets on tech stocks giants. Energy stocks(XLE) led the gains within the SPX index, helped by a large and unexpected drawdown in domestic oil inventories and Saudi Arabia's efforts on production cuts. Communication services(XLC) stocks were among the worst performers, dragged by FB shares. Refer to the SPX sector indexes weekly performance table below.

China/HK

Mainland China(SSE) stocks were the best performer for the week, added 2.38%. As a batch of indicators highlighted the country's economic momentum and expected more fiscal stimulus to boost its economy. 

Only China's economy will grow this year, says OECD. Organisation for Economic Cooperation and Development(OECD) raised its 2020 growth outlook for China to 1.8% from -3.7%.

HK's "Old economy" stocks dragging down the HSI index. HK's HSI rebounded this week from 24300 support level, after a two-week decline. HSI has been underperforming this year so far as the "old-economy" stocks which have heavy weightage in the index such as HSBC(5.HK) continue sliding, adding downward pressure on the index. 

Singapore

STI index continues wandering 2500 level for months, the blue chips hardly made any significant direction movement. Continue to watch technical support 2477-2502 gap support level for the time being.