The CSI 300 fell 0.50% on lower volume in only two trading days this week after the Chinese New Year. The market remains in a Confirmed Uptrend with the number of distribution days increasing to seven. The index made a new high of 5,930 Thursday, breaking above October 2007’s high of 5,892 in but later trending down. The index faces resistance at new highs of 5,930 (+2.6%), with immediate support at 21- DMA (5,542, -4.1%).
Symbol: EMP.TW
Global Focus Emerging
The CSI 300 advanced 5.91% in the holiday-shortened week, eking out a new high since October 2007. The market was shifted back to a Confirmed Uptrend, with six distribution days. Next resistance is at 2017 highs of 5,891 (+1.45%). Immediate support lies at the 21-DMA (5,518, -4.98%) followed by the 50-DMA (5,286, -8.97%).
Global Focus Emerging
The CSI 300 rallied 2.46% to retake its 21-DMA on average volume and remains in an Uptrend Under Pressure with six distribution days. Immediate resistance lies at the previous week’s high of 5,655 (+3.1%), and key support remains at the 50-DMA (5,245, -4.3%) if the 21-DMA fails.
Won Global View
The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq gapped higher for a second straight session,
retracing the majority of last week’s losses and now facing resistance at all-time highs (S&P 500: 3,870; Nasdaq: 13,636). Both have
regained near-term support along their respective 21-DMA (S&P 500: 3,783; Nasdaq: 13,226). The distribution day count stands at six and
three, respectively, with one expiring on the S&P 500 and two on the Nasdaq next week.
