Index Weekly Wrap for the Week of Jul 13

US three major indices uptrend are in good shape, the technology dominant index nasdaq(COMP) hit fresh new high again, it's recorded stunning YTD return of 13.4% so far. The indices are in 2nd week consecutive up, notably the DJI fully recovered and return to positive YTD return, after three week dip underwater. The US stocks expected to continue going up further, no signs of bearish reversal.

Asia stocks also rebounded this week, major index HSI rebounded for the 1st week after four weeks fell in a row, holding above 28000 support level. Shanghai SSE index 1st week rebound after 7weeks down in a row.

STI 1st week rebounded from 3200 major support level after 4 weeks fell in a row, it bounced back just beneath its major uptrend channel line as shown in below weekly charts. Immediate resistance to watch is 3300 level in coming week(s). Weekly major indices performance and charts are as follow.

Index Weekly Wrap for the Week of Jul 6

US stocks turned positive this week. The SPX and COMP rebounded after two weeks profit taking, and DJI 1st week after three weeks fell. Both SPX and COMP recorded 3.2% and 11.4% YTD return while DJI appears a bit weak with 1.1% loss YTD. ALL three major US indices uptrends are well intact. The US stocks look not affected at all by the kick-start of US-China trade tariff effective on Friday 6 Jul.  The fear index VIX fell more than 10%, back down to 13.37 on Friday.

On the other hand, Asia stocks continue fell attributed to the trade tariff and strong dollar. Equity Funds continue flowing out of Asia-pacific according to ETF Global Fund Flow statistics (https://www.etfg.com/research/fund-flow).

HSI fell for 4weeks in a row, immediate support is at 28000 level. STI also fell for 4weeks consecutively by now, just dip below 3200 major support level this week, expected the index could rebound around 3167 and 3200 technical support area in coming week(s). The Shanghai SSE index was the most worst performer with 16.9% loss YTD return. SSE is in 7th week continuous down in a row.

Major indices weekly performance and weekly charts are as follows.

Index Weekly Wrap for the Week of Jun 29

It was the end of last week of the month also the last trading day of the first half of the year. SPX and DJI had three weeks fell consecutively, and the relatively stronger Nasdaq(COMP) was in 2nd week fell after hitting fresh high. Both SPX and COMP are still having postive YTD return with 1.7% and 8.8% respectivlely, but DJI is underwater with 1.8% YTD return. All three major US indices weekly major uptrend are still intact(as shown in below weekly charts).

In Asia, stocks look even more bearish. HSI recently just broke its major uptrend and key support level 30,000 mark, Shanghai SSE index also broke its key support 3,000 and free-fall style selloff.
STI fell to the edge of its major uptrend channel bottom. All three indices are underwater with YTD return at -3.2%, -13.9% and -3.9% for HSI, SSE and STI respectively.

STI major resistance 3340 and support at 3200, HSI major support at 28100, major resistance at 30,000 level.

The fear index VIX jumped up about 17% this week to close at 16.09, indication of moderate risk. Notably, Gold fell to its 6 month low of 1251, attributed to strong dollar. Crude Oil WTI climbed up to 74, a level never seen since Nov 2014.

Index Weekly Wrap for the Week of Jun 22

Stocks fell worldwide this week, as US-China trade spat intensified. US also increased trade tariffs against its western allies- the EU, NAFTA countries and also Japan and India in Asia. Counter measures are taken to against US from the countries affected. The global trade protectionism seems will not be ending soon before it gets worse off.

As the only super-power country, global assets reported continuous flowing back into US, given stronger dollar. The "fear index" VIX stays below 15(Friday closed at 13.77), which indicates investors have little "fear" if not at all for US stocks going forward.  On the other hand, the China Shanghai index lost its ground, plunged 4.4% this week, make it the worst performer with -12.6% YTD return. The technology heavy index Nasdaq recorded positive 11.4% YTD return as comparison. The Chinese stocks already lost in this trade war spat with US.

Refer to below funds flow data for past 30 days, total Equity funds flow into US amounted $39.45b and flow out of Asia-Pacific and Europe were $1.07b and $3.75b respectively.

Data source: ETFGlobal. https://www.etfg.com/research/fund-flow

Major index performance for the week as in below table, only left two indexes with positive YTD return: Nasdaq(COMP) and SPX, down from previous week of 4. US three major indexes uptrend still intact.

In Asia, STI index dropped to its major uptrend bottom line, broken down its key support 3340 and turns to major resistance level now. Watch for 3340 as resistance if the index rebounded in coming week(s), downside major support level is 3200.

HSI broken down its key support level 30000 mark and also went underwater YTD return.  immediate resistance 30000 level and downside support 28500. China Shanghai index broken its key support level 3000 decisively this week. No signs of rebound, next major support is at 2650 level if it continue go lower. Refer to major indexes weekly charts below.

Index Weekly Wrap for the Week of Jun 15

The tech heavy index Nasdaq($COMP) is the only one hit new all time for 2nd week in a row. very bullish. While both SPX and DJI were resisted at 2790 and 25400 level respectively, all three major US indexes uptrend are well intact.

In Asia, HSI index has been in sideway consolidation since Feb 2018 mostly within the range of 29919(YEC) and 31600. The key support level to watch is 29919 YEC level.

STI was the worst index this week, lost 2.3%, back down to just above its 3340 key support level, which was hit four times since Nov 2017 then all rebounded up, a broke below this key support level should give bulls early warning signal. Watch 3340 level for immediate support in coming week(s).

SSE has been weak always, hit new low this week, key support is 3000, it hit intra-week low of 3008 this week.

Index Weekly Wrap for the Week of Jun 8

US stocks rise, DJI and SPX made 3mth high and COMP made all time new high, the technology dominant index is exceptional bullish. All indexes recorded positive YTD return EXCEPT Shanghai index(SSE) which still underwater 7.3%, the giant bulls are still sleeping there.

In Asia, HSI rebounded after it tested its YEC support level last week, which is also its major uptrend channel bottom. More upside expected IF it can CLOSE above 31500 in coming week(s), downside major support a YEC level 29920.

STI last weekly candle looks weak after 3 weeks selloff consecutively, bulls need sometime to regain strength. Immediate support at 3400 which is also its 250dma. Immediate upside resistance at 3500.

SSE in 3rd week negative close at low, no strength at all. Major support at 3000 level.

Index Weekly Wrap for the Week of Jun 1

US stocks rebounded on Friday, COMP and SPX closed green but DJI still lost 117 points this week and 0.3% underwater YTD. COMP has been the best performer YTD with 7.7% return, on the other hand, the worst performer has been SSE which lost 7%. The three US major indexes uptrends are still intact, COMP is way above its major uptrend line, SPX and DJI tested their major uptrend lines respectively and rebound from there.

In Asia, both HSI and STI retraced down for 3rd week but still within major uptrend channel. SSE was trading one the edge of its low line this year, drop in 2nd week.

For STI, immediate support is at 3400 which is 250dma and resistance is 3500 should it rebound in coming week.