Biden Announced US$2.25 Trillion Infrastructure Plan, SPX Crossed 4000 Level

  Summary of content for the week of  Apr 2:

1. Week 13 major indexes performance;

2. Week 13 US sector indexes performance;

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

4. Major indexes monthly performance for the month of March.

U.S

U.S stocks closed the holiday-shortened week higher(Stocks closed on Friday for Good Friday holiday), capped a strong Q1 2021, with the SPX crossing the 4,000-point mark for the first time ever on Thursday. Among the highlights were the ISM Manufacturing Index jumped to the highest since the early 1980s and Biden's infrastructure proposal. 

Here are the highlights of what happened:

• Biden's Plan, named "American Jobs Plan", proposed $2.25 trillion in new spending over eight years on infrastructure, manufacturing, research and development, and clean energy, among other things. 
• Biden's Administration is proposing a tax plan to raise the corporate tax rate to 28% from 21% to fund the Plan.
• U.S Manufacturing PMI jumped to 64.7 in March from 60.8 in February. Hit 37-year high.
• March nonfarm payrolls rose by 916k as reported on Friday even though the markets are closed, the unemployment rate also declined to 6%. Jobs gains well ahead of estimates for 675k. Good news for markets on Monday. 

Technically, all three U.S indexes are in a strong uptrend. Growth stocks, notably Information Technology(XLK) and Communication Services(XLC) Sectors outperformed. Refer to below SPX sectors ETF weekly performance table. 

China/HK

China SSE index closed 2nd week up, technical bullish after the recent retracement. Sentiment buoyed by the news of an additional tax reduction of RMB 550 billion to consolidate the economic recovery. 

Hong Kong's HSI index ended the holiday-shortened week with a strong recovery after the previous week's selloff. China and HK stocks both were underperformed in March and expected to rebound in the coming month(s). 

Singapore

Singapore STI index had its 6th week up in a row, with a strong March close which added 216.30-point or 7.3%, the most outperformed index. Refer to the below major indexes monthly performance for the month of March. Technically, STI next major resistance level at 3300 and support at 3100.