The DJI and SPX have been trading in sideway since beginning of the year, it appears to me they are loosing steam slowly. Only tech-dominated COMP in upward trending. DJI closed below its 200-ma again, which is a bearish sign.
Shanghai index SSE rebounded 2.9% for the week, major level to watch is at 4208 level which is a main resistance level now. Bulls should dominate the market again if the index can reclaim 4208 level, otherwise the sentiment will be still weak.
STI hit above 3365 level this week but unable to hold above it, closed at 3352. Keep watch 3365 as major resistance level for STI.
HSI is down a little this week but still above major support 25000 level. Bulls are in charge as long it can stay above this level.
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The Chinese government has in the past few months moved to stabilise the volatile Shanghai market. It has suspended initial public offerings and imposed restrictions on short-selling.
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