Index Weekly Wrap for the Week of Aug 31

US stocks hit new high again this week, the Nasdaq(COMP) and SPX hit all time new high, and DJI is about 650 pts away to its previous high of 26616.71. The technology heavy weighted COMP and SPX are seen extended its run up.

In Asia, stock is generally much weaker as compare to US peers, indicating equity funds continue flowing out of Asia and into US. STI is just above its key support area 3200-3167, further downside is expected IF the key support can't be held in coming week(s).

Weekly major indexes performance and respective weekly charts below.

Index Weekly Wrap for the Week of Aug 24

US stocks hit fresh new high for SPX and Nasdaq($COMP) and DJI is less than 3% away from its historical high. The US stocks seem unstoppable by whatever trade-war and trump crisis. There is no signs of bearish reversal on the charts. 

But according to the famous Buffett's  Indicator, the stock market is Significant Overvalued, based on historical ratio of total market cap over GDP(currently at 146.5%). The United States historically has a total market cap to GDP ratio of 35% to 149%. Thus, the United States is very close to the top end of its valuation over the past one hundred years. This is very much a flag that things could be overvalued.

In Asia, the three major indexes that I'm following are all at or rebounded from their respective major support levels. The SSE index rebounded from its support level 2650 this week, HSI index rebounded from its long term uptrend line support this week(as shown in below weekly chart).

STI is at its major key support level 3200-3167 level. It's been touched multiple times since 2017, taking note that the index has broken down its major uptrend line( as shown in below weekly chart).

Index Weekly Wrap for the Week of Aug 17

US stocks are heading to new high while the rest of world's stocks struggle. US stocks getting a boost as it reported US-China leaders to meet in November. All three major indexes uptrends are well intact.

While the SPX is up more than 6% and less than 1% away from new highs, the rest stock markets are having a tough 2018.

Read more at https://www.cnbc.com/2018/08/17/the-rest-of-the-world-is-feeling-pain-from-tariffs-and-a-strong-dollar.html 

STI fell to its just above its recent low, watch out for key support area 3167-3200 in coming weeks. Further downside would expected if it drops below this support.

HSI and SSE fell more than 4% each this week. Sending HSI index to its new low, breakdown its 6 week consolidation range. While SSE dropped to its low since 2016 where it rebounded.

Index Weekly Wrap for the Week of Aug 10

US stocks retreated this week after hitting intra-week new high, the DJI and SPX closed in red after 5weeks up in a row. The technology dominant Nasdaq(COMP) index looks still stronger despite the FB led knee-jerk selloff previous week, the index quickly rebounded to close at new all time high. All three indexes uptrend still well intact.

In Asia, major indexes rebounded this week, HSI rebounded back into its 6wk consolidation range after it closed new low previous week, indicated bulls has not easily given up yet. Shanghai index SSE also rebounded after dropping to previous low, as investors captured buying opportunity. Overall, it's still early to conclude that the index has bottom out. Bulls need to stay nimble and small.

STI has been consolidated for 3weeks just its bottom uptrend channel line, no clear direction going forward, I'm cautiously bearish. STI immediate resistance 3340-3360, and immediate major support at 3167-3200 area. Please refer to below weekly index performance and major indexes weekly charts.

Index Weekly Wrap for the Week of Aug 3

US stocks continue look great, despite all the worries and bearish speculations. The Nasdaq(COMP) index rebounded and gained the most this week, after last week knee-jerk selloff led by FB. AAPL led the rebound this week, becomes first public traded company hit $1 trillion.

On the other hand, Asian stocks reversed downside this week, affected by latest US-China trade tariffs. STI resumed selloff after three weeks rebound to back of its major uptrend channel(seen in below weekly chart) and resistance 3340 level. Downside major support at 3195 level.

HSI led the selloff this week, it broke down its 5week consolidation range, hit new low this week, bearish. SSE reversed down and closed new low this week too.

Index weekly and monthly performance for Jul and weekly charts shown below.

Index Weekly Wrap for the Week of Jul 27

US stocks closed mixed this week, the DJI and SPX continue getting higher, SPX hit new high since Jan and DJI hit new high since Feb this year. But the technology dominant index Nasdaq(COMP) reversed down after hitting fresh new high, lost 1.1% this week led by FB 20% loss in last two trading days of the week, though the COMP index is still in a nice uptrend.

In Asia, HSI closed positive for the 1st week after 6 weeks of down in a row, it rebounded from key support 28000 level after 3weeks consolidation. SSE index rebounded and hit one month high after beijing said to have more stimulus to support its economy.

STI was up 3rd week in a row, rebounded back into its long term uptrend channel, upside major resistance 3340-3360. Major indexes weekly performance and charts as follow.

Index Weekly Wrap for the Week of Jul 20

US stocks mostly stalled this week, three indices had little change.The technology dominant Nasdaq($COMP) hit fresh intra-week high and stall. All three major indices uptrend are well intact.
The "fear index" closed at 12.86 this week, no fear at all.

In Asia, major uptrend was broken down weeks ago and rebounded this week after selloff. STI index rebounded the most with 1.1% gain- its 2nd week rebound, immediate resistance at 3300 level then major resistance 3340-3360.

HSI continue to be supported just above 28000 level, Shanghai SSE index consolidated within its 3weeks trading range of 2750-2850 area.