Stocks Continue to Grind Out All-Time Highs

 Summary of content for the week of  Dec 18:

1. Week 51 major indexes performance;

2. Week 51 US sector indexes performance;

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

U.S

U.S stocks reached new highs on relief hopes as expectations grew for the passage of another coronavirus relief package. Here's what happened and expected:

1. A relief bill worth $900 billion to be closing on the bipartisan agreement.

2. The rollout of the Pfizer-BionTech vaccine seems to bolster market sentiment;

3. Moderna's approval given by FDA, which would nearly double doses available by the end of the year;

4. Recovery of the economy is stalling as surging virus cases have incited renewed restrictions and lockdowns, weekly jobless claims hit a three-month high. 

5. Fed's meeting this week will keep its rates low for an extended period. Will continue to buy more than $100 billion in assets per month. Fed's accommodative policy has helped the stock markets to perform well historically. 

Tesla(TSLA) was set to join SPX index on Monday. FSLA hit fresh new high with 6% gain to 695.0 on Friday.  $110 billion shares changed hands on Friday as mutual funds and ETFs adjusted their portfolios. 

Among 11 SPX sectors, Technology(XLK) was the top-performing sector with 3.2% gain while Energy(XLE) lagged despite crude oil geting higher. Refer to below SPX sector indexes weekly performance table for details.

China/HK

Shanghai Composite index(SSE) posted a weekly gain despite recording mild losses on Friday as U.S announced it was blacklisting China's top chipmaker and more than 60 other companies into its so-called Entity List. Even so, demand for Chinese assets has stayed resiient amind ample evidence that the economy is firmly recovering after being the first country to contain the pandemic. HSI index has recovered most of its losses early in the week and closed flat. 

Singapore

STI closed rebounded after the last two-week retracement. The index still losing 11.6% YTD and is still "cheaper" as compared to other regional markets, analysts expected the Singapore share will continue rebound to catch up and narrow the gap going into the next year 2021. Immedite technical resistance is the gap between 2890-2960 area.