|2nd Board||Down||Down||Down (-)|
However, the downward pressure doesn't look strong. This observation is obtained base on the daily MACD reading that shows some contradiction with the price movement. A good chance that the rebound may continue towards the downtrend line that is currently at around 950. Maybe the rebound can just stuck at 920 again. The important point is that the probability is still not favorable for going long.
For the rest of the world, the reading is still gloomy:
After China unveiled its stimulus package, SSECI seems to have stabilize. Well, President elect Obama has unveiled his stimulus package that will create 2.5 million jobs. My questions are:
1. Where is he going to get the money?
2. Can the banks be saved before the effect is seen?
3. Are investment bankers and auto plant workers going to the work of shovelling sands, welding metals and laying bricks?
Anyway, base on the Chinese announcement and the effect on the Shanghai stock market, I guess that NYSE and Nasdaq will also stabilize (unless Citi crashes on this coming Monday).