Saturday, September 12, 2009

World Market Summary

SSECI Daily Chart

Correction in Shanghai could be over and currently in a base building phase. I think that it will go up and down around the 3000 region for a while until the next move. There is a gap at 3030 that is waiting to be close.

HSI Weekly Chart

HSI continues to move higher. The next resistance is around 23000.

S&P 500 Weekly Chart

S&P 500 continues to move higher too. It could be at the top of end of a rising wedge formation. Will it be able to close its small gap at around 1100? If it can move higher, then 1100 (downtrend line) will be the point to watch.

All markets moved higher last week. Most of them broke their resistance area:

World Monthly Weekly Daily Note
S&P500 Up Up Up (+) R=1.13k
DJI Up Up Up (+) R=9.8k. Daily bearish divergence
NasdaqComp Up Up Up R=2.18k
Nikkei 225 Up Up Up (+) Next R=11k
Kospi Up Up Up R=1.9k
SSECI Up Neutral Neutral R=3.5k. S=2.6k. Finding base.
HSI Up Up Up (+) R=23.5k, S=20k.
TWII Up Up Up R=7.4k. S=6.6k
STI Up Up Up R=2.7k.
JKSE Up Up Up (+) R=2.4k. S=2.1k
SENSEX Up Up Up R=17.6k
AORD Up Up Up (+) R=4.6k
NZX50 Up Up Up R=3.2k
FTSE Up Up Up (+) R=5.1k
DAX Up Up Up (+) R=6.15k
Bovespa Up Up Up (+) R=58k

I still detect a significant number of bears. I think that this market will continue to move higher until all of the bears surrender.

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