Sunday, September 10, 2006

Major Market Indices Update

Last Friday when we woke up and saw US had another red day, certainly, it wasn't the best news to receive early Friday. But as we all know the market, expect the unexpected! haha Regional market didn't close down together with US and on Friday night, US went up. We should have an easier Monday. However my mind will be on the weekly chart of the indices. A reminder, we have room to fall without hurting the uptrend line. In an uptrend, we do not go up one straight line, there are pull backs along the way. These pull backs are great opportunities to re-entry.

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HSI: Bearish piercing pattern found on the weekly chart with bearish divergence in MacD Histogram. This doesn't mean we will head into bear market. The reversal could just be short term. Nobody knows for sure. We will let market tell us.
Otherwise, there is immediate short term upside base on daily chart. There is a gap resistance to fill though.

Nikkei: Possible Hanging man reversal in the making on the weekly chart because we need the upcoming week to be down to form a confirmation. A bullish piercing on the daily chart formed last Friday for a short term upside. But should the bullishness continues, then there will be no more bearish confirmation on the weekly, good news!

STI on the daily. Take note of the huge space we can afford to retrace yet keep the uptrend intact.

STI chart on the weekly.

I mentioned about a possible reversal in Fungchoi and had monitored it's closing on Friday. The reversal formation did not happen afterall and I won't look at fungchoi as yet. I rather buy when it shows that it's reversing. Nevermind if I lose a few bids, as i know this few bids is my insurance against a false reversal.

DISCLAIMER: This is not an inducement to buy or sell. You should do your own analysis on top of my postings. Copyright © 2006 GrowMoney Blog. All rights reserved.