Tech Stocks Led Sell-off, Uptrend Remain Intact

Summary of content for the week of  Sep 4:

1. Week 36 major indexes performance;
2. Week 36 US sector indexes performance;

3. Aug major indexes performance;

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

U.S

Tech-heavy Nasdaq led U.S stocks lower this week.  In a roller-coaster week, U.S stocks reversed and sold off hard on Thur and Friday, as investors took profits after an Aug rally that left major indexes at or near all-time highs. Nasdaq suffered the largest losses with more than 3% decline for the week. The three major indexes recovered most of its losses on Friday, left a long tail on its daily candlesticks and the indexes still hold at or around 20dma, the coming shortened trading week will confirm they are bullish reversal signal to resume uptrend or the beginning of more downside for profit-taking.

FANGMAN+ TSLA is the revised term used to describe mega tech stocks in focus in US markets, which represents the eight stocks i.e Facebook(FB), Apple(AAPL), Netflix(NFLX), Alphabet(GOOGL), Microsoft(MSFT), Amazon(AMZN), Nvidia(NVDA) and Tesla(TSLA). With the top-five names(AAPL, MSFT, GOOGL, AMZN and FB) now constituting more than 24% of the SPX market cap. 

TSLA won't join SPX Index, for now. Along with its five-for-one stock split, TSLA has rallied in recent weeks in anticipation that it would join the SPX. But late Friday, it announced TSLA was declined to the SPX index. It's unclear why it wasn't included. The stock could be added at later date.

China/HK

China mainland SSE index fell, ended the first week down after five-week up in a row. Technically SSE's uptrend still in good shape, the index just rebounded from its 50dma on Friday. HSI index trading below all three 20,50 and 200dma now, major resistance level 25000-25500 area, immediate downside support at 24300.

Singapore

Singapore banks. STI has been the worst performer index in my table below with more than 22% losses YTD. If you look at a longer time horizon, it's a good time to pick up good quality blue chips such as the three local banks, given its good dividend yield and good fundamentals.