Vaccine, Virus and X'mas Rally

 Summary of content for the week of  Dec 11:

1. Week 50 major indexes performance;

2. Week 50 US sector indexes performance;

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

U.S

U.S stocks closed the week lower, the SPX ended its two-week up streak, in a rather mixed set of headlines and economic data. Major markets focus:

1. Bipartisan talks on fiscal stimulus continue to drag on;

2. Likelihood for a no-deal Brexit;

3. Pfizer/BioNTech vaccine nears distribution, could begin as early as the next week;

4. Daily U.S deaths from the virus crossed 3,000 for the first time. States re-instated stay-at-home orders;

5. Consumer sentiment in Dec surprised forecast and marking its 2nd-highest level since the onset of the pandemic

Among the SPX 11 sectors, Energy(XLE) was the only sector that closed positive with 1.2% up for the week, as Brent Oil price crossed US$50 per barrel for the first time since the onset of the pandemic. Financials(XLF) and Real Estate(XLRE) were laggers. Technically, all three major U.S indexes uptrend are well intact, with no immediate reversal signal. 

China/HK

China stocks fell this week on renewed tensions with the U.S after a second major index provider removed some Chinese companies from its benchmarks following a Trump administration executive order. Concerns that U.S sanctions will target more Chinese companies outweighed generally positive macroeconomics data. Nonetheless, SSE index has been trading within its multi-month consolidation range with a bullish bias. HSI index trapped within its major uptrend resistance line after the recent rally. 

Singapore

STI index closed down for the 2nd week, the selling appeared under control. Immediate downside support at 2800 level.