The CSI 300 lost 3.14% on slightly lower but above average volume this week. The market remains in an Uptrend Under Pressure with seven distribution days. The index staged a rally Friday after losing support at its 50- (~4,941, +1.7%) and 21-DMA (~4,883, +0.5%) in a four-day losing streak. Next support lies at July 28’s low (~4,664, -4.0%).
Symbol: SKJ.KR
Global Focus Emerging
The CSI 300 gained 3.52% on modestly lower but above average volume this week. The market remained in an Uptrend Under Pressure with seven distribution days. The index retook its 50-DMA (~4,962, -1%) after breaking above resistance at the 21-DMA (~4,885, -2.6%). Next resistance lies at the high (~5,060, +0.9%) of August’s rally, followed by the 100-DMA (~5,065, +1%). Next support is at the low of July 28 (~4,664, -7.0%).
Global Focus Emerging
The CSI 300 gained 0.33% on higher and above average volume this week. The market remains in an Uptrend Under Pressure with six distribution days. The index regained its 5-DMA (~4,840, -0.1%) but faced persistent resistance at the 21-DMA (~4,888, +0.9%). Support lies at July 28’s low (~4,664, -3.7%) followed by July 2020’s low (~4,500, -7.1%).
Global Focus Emerging
The CSI 300 ended 1.21% higher on slightly higher and above average volume this week. The market remained in an Uptrend Under Pressure with four distribution days. The index tested resistance at its 21-DMA but pared earlyweek gains to close below the short-term 5- (~4,850, +0.5%) and 21-DMA (~4,907, +1.7%). Support lies at July 28’s low (~4,664, -3.4%) followed by July 2020’s low (~4,500, -6.8%).
Global Focus Emerging
The CSI 300 ended 3.57% lower on higher and above average volume this week. The market was shifted to an Uptrend Under Pressure following a greater than 2% loss on higher volume Tuesday. The distribution day count increased to three from one last week. The index tested but failed to break above short-term resistance at its 5- (~4,861, +1.9%) and 21-DMA (~4,913, +3.0%). Support lies at July 28’s low (~4,664, -2.2%) followed by July 2020’s low (~4,500, -5.6%).
O’Neil TMT Weekly
Software ( IGV ): The software index is trading 1% off highs along its 21-DMA ( $402 ) followed by support at its rising 50-
DMA ($391). RS Rating of 77 and A/D Rating of B-. Although the benchmark index remains intact, price action was mixed
last week. Technically, a few out of favor stocks ( PLTR, U ) responded positively to bullish earnings while constituents
( EPAM, INFY, GLOB ) in the top ranked tech services group continued to press higher due to strong secular tailwinds
( digital transformation ). Conversely, the cyber security group took a step back as CRWD and PANW pullback below their
50-DMA before finding support while Gaming ( ATVI, TTWO, NTDOY ) continues to remain under pressure and is ranked
193 out of the 197 groups in the U.S.
Global Focus Emerging
The CSI 300 gained 0.5% on lower but above average volume this week. The market remains in a Confirmed Uptrend with one distribution day. The index ended below the short-term 5- (4,993, +1.0%) and 21-DMA (~4,975, +0.6%), pulling back off its weekly high. Support is at July 28’s low (~4,664, -5.7%) and resistance is at ~5,100 (+3.1%), the lower edge of the consolidation range since June this year and where the 50-, 100- and 200-DMA sit.
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq remain constructive near all-time highs and above support
at the 10- and 21-DMA (S&P 500: 4,385; Nasdaq: 14,689). The distribution day count stands at five and four, respectively, with one day
expiring on the S&P 500 after the close tomorrow.
Global Focus Emerging
The CSI 300 gained 2.29% on lower and above average volume this week. The market was shifted to a Confirmed Uptrend on a day four follow-through Monday. The index breached its 5-DMA (~4,943, +0.4%) with next support at July 28’s low (~4,664, -5.2%). Immediate resistance is at the 21-DMA (~5,005, +1.7%).
Global Focus Emerging
The CSI 300 declined 5.46% on higher and above average volume this week. The market was shifted to a Rally Attempt Friday after being downgraded to a Downtrend on a sharp selloff Monday. The index remains pressed by its short- and long-term moving averages. Immediate resistance lies at the 5-DMA (4,820, +0.2%) followed by the 21-DMA (~5,041, +4.8%).
