As you can see on the Daily chart below, China's Shanghai Index is struggling to stabilize at three-year lows.
Hong Kong's Hang Seng Index has reached a major resistance level, as shown on the Daily chart below.
The next Daily chart shows a ratio chart of the Hang Seng vs the Shanghai Index. The Hang Seng has reached a major resistance point at its three-year highs on negatively-diverging RSI, MACD, and Stochastics indicators. Watch for a pullback to the 9.25 level...a break below that could see a drop to its 50 sma at 8.80, or lower. Under that scenario, watch to see if the Shanghai Index breaks and holds below its recent lows (very bearish, indeed which could prompt China to act with more stimulus measures...although, they could be waiting to see what the Fed does at its September 12th-13th meeting before committing any further funds).
The next Daily chartgrid shows the Commodity ETF (DBC) and the AUD/USD forex pair. DBC is consolidating just beneath trendline resistance in overbought territory, and the AUD/USD is flirting with 1.05 major support after reaching overbought conditions. These are worth watching for potential pullbacks if China's Shanghai Index and Hong Kong's Hang Seng Index weaken.
The last Weekly chart of Oil shows that price has risen to a confluence of resistance at its 50 sma and 50% retracement level from its May 2011 high to its October 2011 low. Also, one to watch to see if weakness sets in or if buying pressure steps up to launch and hold price above this resistance level.
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. May 23 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Mon. May 28 ~ U.S. markets closed for Memorial Day Holiday
* Wed. May 30 @ 2:00 pm ET ~ Beige Book Report
* Fri. June 1 @ 8:30 am ET ~ Employment Data
* Tues. June 12 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. June 13 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference
* Tues. July 3 ~ U.S. markets close early at 1:00 pm ET
* Wed. July 4 ~ U.S. markets closed for Independence Day Holiday
* Wed. Aug. 1 @ 2:00 pm ET ~ FOMC Announcement
* Mon. Sept. 3 ~ U.S. markets closed for Labour Day Holiday
*** Click here for link to Economic Calendars for all upcoming events
IMPORTANT BLOG POST UPDATES...
* JCPOA - Will President Trump recertify the JCPOA on May 12?...stay tuned...May 8 the answer is "No"...US pariticipation in the deal
is scrapped...new sanctions coming for Iran and, possibly, for nations supporting Iran.