Index Weekly Wrap for the Week of Nov 16

Summary of Content for the Week of Nov 16:

1. Week 46 major index performance;
2. Week 46 SPY sector index performance;
3. Major index weekly charts of Support and Resistance levels.

US three major indexes dropped but all trading within their previous week range. No clear direction as all under consolidation. Out of 11 SPY sectors, 3 sectors closed positive and 8 sectors closed down. Consumer Discretionary sector was the worst sector with 3.32% down.

In Asia, China SSE index looks setting up a bottom just above 2600 level. As more and more foreign funds overweight on Chinese stocks. HSI and STI also closed positive this week but still within their previous week's trading range.

Index Weekly Wrap for the Week of Nov 9

Summary of Content for the Week of Nov 9:
1. Week 45 major index performance;
2. Week 45 SPY sector index performance;
3. Major index weekly charts of Support and Resistance levels.

US stocks closed up 2nd week in a row. Stocks continue to rebound after the mid-term election. Current momentum is obviously bullish. SPX next resistance is at 2815 level, which is this weekly high, expected to go up further if it broke above it.

In Asia, the three major indexes all closed down this week but all within previous weeks trading range. No clear direction to up or down at the current stage. Refer to major index weekly performance table below.

Index Weekly Wrap for the Week of Nov 2

Summary of Content for the Week of Nov 2:
1. US mid-term election on Nov 6;
2. Week 44 major index performance;
3. Week 44 SPY sector index performance;
4. October month major index performance;
5. Major index weekly charts of Support and Resistance levels.

World stocks rebounded this week, after a very bad Oct month. Well, historical statistics show stocks mostly performed poorly in Oct. (Refer to below table for major index performance in Oct month).
Next week will be a very important week as the US mid-term election will take place on 6 Nov Tuesday while Singapore market will be closed for public holiday. We should know the result on Wednesday, Nov 7 when market resumes trading. Do expect high volatility in stocks.

SPX and DJI rebounded back to their positive territory return YTD for the week. Refer to their weekly charts respectively, DJI ended closed above its major uptrend this week after dipped down below it intra-week; but SPX just bounced to the back of its major uptrend line and closed just below it.

Refer to below SPX daily chart(SPX.d), the first important Resistance level for SPX will be its 50% fib retracement at 2772(R1), that is also its 200dma resistance(green color MA). If the SPX were continue rebound above R1, then next target will be at 2812 level(R2), this level confluence with its horizontal resistance and its 50dma level.

Refer to below DJI daily chart(DJI.d), the first resistance will be 25536(R1) and then 25970(R2) should it continue rebound, it also confluence with its 50dma.

Refer to below daily chart for Nasdaq(Comp.d), first resistance is 7527(R1), which is also its 200dma level, 2nd resistance is 7670(R2), which also confluence with its horizontal resistance and 50dma, very important to watch.

Refer to below daily chart for HSI(HSI.d), the 1st importance fibo level is 27957(R1) should the market continue rebound, and 2nd is 29012(R2) which I think is unlikely. too far away...

As for Singapore market, STI next important resistance level is 3167-3200 level.

Index Weekly Wrap for the Week of Oct 26

US three major indexes have all broken down their major uptrend lines decisively this week(as shown in below weekly charts). Not only that, all three also broke their respective 200dma which widely seen as the territory border for bull and bear. By now, both DJI and SPX have given up their all YTD gain and in losses, tech-heavy weighted Nasdaq index also gave up most of its gain and is the only index still had positive YTD return with 3.82%.

The fear index VIX jumped 21% to 24.16 this week, and it surged up 63% over last three weeks. Indicating investors turning to risk-off assets. Gold bottom rebounded to its three-month high of 1235.4 this week.

In the 11 SPY sectors, only four have YTD positive return i.e Utility, Tech, Consumer Discretionary, and Healthcare. All 11 sectors ended in red this week, with the Real Estate sector with the least loss of 1.07% and Energy sector suffered the most loss with 7.06% down. Refer to below sector weekly performance table.

In Asia, China SSE index was the only index rebounded with 1.9% up, but it's still the worst market with YTD return of -21.44%, HSI and STI lost 17.39% and 12.66% respectively YTD. HSI dropped below 25000 level and STI dropped 3000 level this week, both are important psychological market level.

There is a technical support level of 2950-2880 level for STI index if it continued south.

Index Weekly Wrap for the Week of Oct 19

World stocks stablised a bit after last week bloodshed, except the SSE index continued dropped 2% more. By now, DJI and SPX just hovering around their major uptrend but the technology weighted Nasdaq index had broken below its major uptrend line established since 2016(refer to below weekly charts). US technology stocks appear weaker and leading the way drop. Coming week is important as there are many stocks will report their earnings.

Among SPY main sectors, Consumer Staples(XLP), Real Estate(XLRE) and Utilities(XLU) among top gainer and Consumer Discretionary(XLY) and Energy(XLE) are among the top losers.

In Asia, STI stalled just above 3050 for 2 weeks, next important support level to watch is 3000, HSI just above 25000 level support and SSE rebounded a bit after hitting its 4-yr low this week.

Index Weekly Wrap for the Week of Oct 12

World stocks had a bloodbath week led by the US. DJI index lost more than 1000 points this week which has not seen since Feb/Mar this year when Fed announced 1st rate hike scared investors. The US stocks finally joined the selloff outside US. Notwithstanding the three major index uptrend still well intact, we shall need few weeks if it really something for bears.

For the 11 SPDR sector ETFs, all sectors closed in red this week, with utilities lost least and Materials lost the most. Technology sector still the best performer sector with 10.76% YTD return, after big fall over last two weeks. See sector ETFs performance in below table.

In Asia, the three major indexes that in my watchlist all hit new low, weekly trends are bearish and we do not see any signs of immediate bottom.

STI immediate support will be 3000 then 2960 level. HSI immediate support level to watch is 25000 level and SSE immediate support 2600 then 2500 level. Index weekly performance as follows.