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Thursday, March 4.,
Chart 1 - China's Shanghai Composite:
Last night, the Shanghai Composite moved down -2.38% and closed at 3023.37. Our Accelerator fell into negative territory last night, but it is still making higher/highs and higher/lows, so its up trend is still in place at this moment. Interestingly, the Relative Strength was facing the hurdle of moving past 50 and it didn't do it last night. Instead it pulled back. What to watch for: The RSI is above its resistance line now, and if it can move up and pass the 50 level, the Shanghai would then have a nice (short term) upside move. Be sure to see the weekly chart posted below.
Chart 2. - Just to keep the Shanghai Bubble's drop in perspective, this is a 4 year chart of the Shanghai Composite.
Note what is appearing on this weekly chart. A very large triangular pattern with big breakout implications. The pattern is suggesting about a 30% move on the breakout side. We can't determine if it will break to the upside yet, as we would want to see the daily S.T. Accelerator to be at an extreme high level. Right now, it is slightly positive.
Shanghai Holidays: The Shanghai will be closed during the following Holidays that remain in 2010:
April 5 Qingming Festival
May 3 Labor Day
June 14-16 Dragon Boat Festival
Sept 22-24 Mid-Autumn Festival
Oct 1-7 National Day
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