US stock market took a holiday on Monday which was the Memorial Day. Asia market trade up mostly on Monday and Tuesday, with US market also following higher when the market opened on Tuesday. However, the US market trade sharply lower on Wednesday following disappointing economic figures.
The Singapore Straits Times Index
STI continue to consolidate between 3135 - 3180, closing the week 10 points higher than the previous week. 3180 - 3200 is a key resistance area to watch. Looking at the TA, STI is supporting very well at the current level and 50-day moving average has just crossed above the 200-day moving average. In total, STI's 50-day moving average has stayed below 200-day moving average for 36 trading days since 7 Apr 2011, it managed to crossed up on the 31 May 2011 which is bullish. It's the first sign that there may be a final bull run for STI. 3130 is the key support area.
The Hong Kong Hang Seng Index
HSI trade higher on Monday and Tuesday. But it removed the gains by trading lower the rest of the days, with Friday closing sharply lower below the 200-day moving average. 23133 key support now turn resistance is the area to watch.
The Shanghai Composite Index
SSEC consolidate for the whole week and found support above 2700. With 50-day moving average continue to stay below the 200-day moving average, SSEC is expected to consolidate for a while before deciding for further action. 2700 - 2680 is a key level to watch.
The S&P 500
SPY wiped out its gain for the previous week and ended the week sharply lower. 130 is a key level to watch with 125 being the stronger support.
The Dow Jones Industrial Average
DIA wiped out its gain for the previous week and ended the week sharply lower. 120 is a key level to watch with 115 being the stronger support.
The Nasdaq
QQQ wiped out its gain for the previous week and ended the week sharply lower. 56 is a key level to watch with 54 being the stronger support.
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