Stocks Hit New Highs on Strong Data

Summary of content for the week of  Apr 9:

1. Week 14 major indexes performance;

2. Week 14 US sector indexes performance;

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

U.S

U.S stocks closed steadily higher to record highs for the week ended Apr 9. The technology-heavy Nasdaq Composite Index(COMP) outperformed the broad market SPX index but stayed below its Feb peak, while DJI and SPX indexes hit record highs. 

Strong Economic Data: Trading got off to a strong start thanks to the previous week's monthly job data for March, which added 916k, well above forecast, and the most since last August. This week's data also surprised on the upside. The ISM report for service sector jumped to its highest level on record, mirroring the ISM's previous week released manufacturing report that has reached its highest level in 37 years. 

Growth stocks handily outperformed value shares, narrowing the performance gap for the year to date. Among SPX 11 sectors, the Technology(XLK) sector outperformed, and Energy(XLE) lagged. Refer to the below sector index ETFs weekly performance table for details.

Coinbase IPO in the coming week. One of the most high-profile public listings to hit the market this year will no doubt be Coinbase Global, the leading cryptocurrency exchange in the U.S. Coinbase(COIN.O) IPO trading will kickstart on Apr 14, Wednesday via a direct listing with no underwriters. Unlike many other IPOs, Coinbase already making a net profit expected approximately $730 million to $800 million for Q1 2021 alone. Click HERE for more info. 

China/HK

China/Hong Kong markets recorded weekly losses, extending several weeks of underperformance against other major global markets. Data indicating higher inflation and elevated U.S-Sino tensions weighed on sentiment and outweighed positive corporate earnings. 

On the corporate front news, China fines Alibaba(BABA/9988.hk) record US$2.75 billion for anti-monopoly violations over the weekend. BABA already under selling pressure for a couple of months since its Ant mega IPO was halted abruptly last November. HK's star tech stocks such as Tencent(700.hk) also under selling pressure after its biggest shareholder selling a 2% stake in the week. 

Technically, both SSE and HSI indexes' major uptrends are still well intact. 

Singapore

STI gained modestly in the week, added 0.09% to record the 7th week up in a row. The index appears losing steam and seen some profit-taking led the local banks. Technical resistance at 3300 and immediate support at 3100-level.