Stocks Mixed as Nasdaq Hits Record High

 Weekly Wrap Content for the week of Nov 19:

1. Week 46 major indexes performance;

2. Week 46 US sector indexes performance;

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

U.S

For the week ended Nov 19, the major indexes ended mixed as investors weighed strong economic and profits data against inflation fears, ongoing supply strains, and a rise in coronavirus infections in some regions. Growth stocks handily outpaced value stocks, helping lift the Nasdaq Composite to another record intraday high on Friday. Market activity was generally subdued as the Thanksgiving holiday week approached. Refer to major indexes’ weekly performance tables below.

Key highlights for the week/coming week:

1.    Retail sales jumped 1.7% in October, the biggest gain since March, while September’s increase was revised higher. Signs that the economic expansion was regaining momentum. 

2.    The House narrowly passed President Biden's $1.75 trillion social spending bill, sending it to the Senate. 

3.    Investors await Fed chair announcement-in particular, whether President Joe Biden would reappoint current Chair Jerome Powell or instead promote Fed Governor Lael Brainard, who is widely viewed as among the most “dovish” of Fed officials. 

Sectors in play

SPX 11 sectors performance for the week, Consumer Discretionary(XLY) and Technolgoy(XLK) outperformed, led by solid gain in Amazon shares and rebound in Tesla, while strength in Apple supported technology shares. Energy(XLE) stocks dropped alongside oil prices after China and the U.S. discussed releasing strategic reserves and U.S. inventories rose for the first time in five weeks. Financials(XLF) also weak. 

Technically, all three major indexes uptrend was well intact, DJI index closed down 2^nd week, while SPX and Nasdaq holding well, Nasdaq hit fresh new high.

DJI weekly chart

SPX weekly chart

Nasdaq weekly chart

China/HK

For the week, the Shanghai Composite Index (SSE weekly chart) edged up 0.6%. Disappointing earnings and revenue from e-commerce giant Alibaba Group Holding for the September quarter topped off a week that saw more negative headlines on the economy amid a scramble from real estate firms to raise funds.

Data released at the start of the week showed that economic momentum stayed weak in October as the real estate downturn weighed on industry. Prices for new and resold homes fell amid deeper contractions in construction starts and investment by developers.

Hang Kong(.HSI weekly chart) stocks tumbled 1.1%, dragged down by disappointing result from Alibaba.

Singapore

STI index(STI weekly chart) closed flat in a very quiet trading week. With a 0.8 per cent trading range, it was the STI's second narrowest weekly range in the past five years, according to SGX.