Stocks Hit New Highs Bulls are In Charge, Happy Lunar New Year

  Summary of content for the week of  Feb 12:

1. Week 6 major indexes performance;

2. Week 6 US sector indexes performance;

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

Wish all Readers Happy Chinese New Year, good health and fortune in the year of Ox!

U.S

U.S three major indexes notched a 2nd week of gains and reached record highs heading into the Presidents' Day long holiday weekend, helped by strong earnings growth, picked up distribution of vaccine and the increasing likelihood of additional fiscal stimulus. 

Among the 11 major SPX sectors(refer to below sector indexes weekly performance table), the cyclicals Energy(XLE),Technology(XLK), Communication Services(XLC) and Financials(XLF) are among top performing sectors and defensives such as Utilities(XLU) and Consumer Discretionary(XLY) are lagging. 

China/HK

Chinese markets rallied ahead of the Lunar New year holiday. The SSE index gained 4.54%, was the top performing index in my major indexes weekly performance table below. SSE index hit multi-year new high since Dec 2015.HSI index was the 2nd best performing index for the week, also closed new high since Apr 2019. 

As laggers last year, the Asia major indexes SSE, .HSI and STI expected to catch up this year along with positive economic outlook. 

Singapore

STI edged up for 2nd week of gains. Singapore as a small country still facing lots of uncertainties on its road of recovery from Covid-19 pandemic, its benchmark index STI is picking up slow and steadily. Expected plenty of room to upside with immediate technical target is at 3100 level.