The 6 major market indices have mixed performance over the week, with the 3 Asia indices (STI, HSI and SSEC) continue below their 200-day moving average. For US markets, DIA and SPY have break the 6th consecutive down week, with the exception that QQQ has closed below their 200-day moving average.
STI (Singapore): Below 200-day MA (10 days), broke 1st support at 3070, looking to test 3000 on Monday, next support at 2934-2970. It looks ready for a rebound as it is extremely oversold.
HSI (Hong Kong): Below 200-day MA (10 days), broke 22,200 level. Testing 21,300 - 21,500.
SSEC (Shanghai): Below 200-day MA (19 days), broke the consolidation zone for the past 2 weeks (2700/2670). It's extremely oversold.
DIA (Dow Jones): Below 50-day MA, 1st up week after a 6th week drop, buyers step in.
SPY (S&P 500): Below 50-day MA, 1st up week after 6th week drop, buyers step in.
QQQ (Nasdaq): Below 200-day MA (2 days), 7th week drop, -9.64% from 2 May 11 high.
The Singapore Straits Times Index
STI continue to drift lower, continue to stay below the 200-day moving average. It broke the 3070 level with 3000 expected to be very strong. The next support below 3000 is 2940 - 2970. STI is currently in oversold region, it's more likely to go for a rebound soon. The resistance is currently at 3080.
The Hong Kong Hang Seng Index
HSI broke 22,200 for the week. Testing 21,300 - 21,500. From the technical setup, it's rather oversold and likely to go for a rebound soon.
The Shanghai Composite Index
SSEC broke the consolidation zone at 2700 - 2750. It's extremely oversold and more likely to go for a rebound soon.
The S&P 500
SPY finally closed up for the week after a 6th consecutive week down. From the MACD and volume, it looks ready for a rebound to test 129 soon.
The Dow Jones Industrial Average
DIA finally closed up for the week after a 6th consecutive week down. From the MACD and volume, it looks ready for a rebound to test 121 soon.
The Nasdaq
QQQ suffered a 7th consecutive down week and close below the 200-day moving average. QQQ selling volume picked up after it drop below 200-day MA. I expect the selling to temporary ease as the market looks to watch the earning report.
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