Who are staying afloat and who is struggling?

 I committed myself to a weekly up-date on my blog, yet I failed to do so during the weekend. 2 things happened. 

My family went for a picnic during the weekend, and this time we prepared Japanese bento with rice onigiri. The process is a little long but the result worth the effort. 

The other event was the Singapore trading festival. This event happens during 2 weekends, conducted oonline. The first 2 days started last Saturday. I was a little disappointed with the event, most of the programs involved introducing REITs and stock sectors, less on other markets such as commodities, futures, etc. Further more, there is only one session involving technical analysis which is the main part of my interest.

There are 2 more days to this event happening the coming weekend, if anyone is interested, the link is Singapore Trading Festival (sgtradingfestival.com).

I have made an entry concerning 3 indices 2 weekends ago, so what happened during the week? We managed to stay afloat and who is still struggling? 

Fig 1. Dow Jones weekly chart

we first look at Dow Jones, it landed in a tight band last week after a strong  surge. The good thing is it ending above the 21-week moving average. 

While the 8-week moving average is below 21-week, it is more significant with the closing stays above 21-week moving average. 

Another interesting observation is the higher ranking moving averages, 55-week above 89-week above 144-week. This seems to be supporting an up-trend.

There is a chance that Dow Jones might test the down side this week but there is enough support to stop it from a plunge, it might end with another week of short bar before moving higher. 

Fig 2. Nikkei weekly chart

Comparatively speaking, the performance of Nikkei is muc better than Dow Jones, maintaining a strong surge on the second week, staying above the all the moving averages.

The worrying part of Nikkei is having both 8 and 21-week moving averages below 55-week, therefore this week's performance of Nikkei is significant to decide its fate. Still I feel that there are multiple levels of support to avoid its downslide. We might end with a short bar this week for Nikkei before moving higher.

Fig 3. Hang Seng weekly chart

While Hang Seng has the strongest surge earlier, I was not really feeling good about this index.  It failed to penetrate any moving average. 

So what happened last week?

Not only that it failed to penetrate 8-week moving average, it closed lower. Further more, the 3 higher moving averages (55, 89 and 144-week) are resisting its climb.  

I expect Hang Seng to retest the 8-week moving average this week but it is struggling. 

Carrie Lam might have sense something is wrong with the market, she is nevertheless a little late to do much, plus, she and her team is incompetent and really only good in pleasing their master in the north. I am doubtful that they can come out with any policies that can stop the descend.