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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

N.B.
* 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.
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* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* 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...

Dots

* If the dots don't connect, gather more dots until they do...or, just follow the $$$...

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Tuesday, December 31, 2019

China's Shanghai Index Heats Up

China's Shanghai Index (SSEC) heats up in anticipation of the signing of the new U.S./China Phase I Trade Deal, expected on January 15, 2020.


The monthly chart of the SSEC shows price has just broken above a downtrend line that began at the highs of June 2015.

Major resistance lies at 3086.91 (a 23.6% Fibonacci Retracement level), while major price support sits at 3000.

The Balance of Power on this timeframe favours the buyers and is nearing an all-time high set back in April 2007, after which price spiked up from 3197 to 6124 by the end of October that year, for a gain of 2,927 points during that 7-month time period.

If price breaks and holds above 3087, its next major resistance (40% Fib) level is 3486.55...a level not seen since January 2018.

However, if, for some reason, the Phase I Trade Deal is not signed, and if the SSEC breaks and holds below 3000, then I'd look for a drop to new lows to, at least 2700, or lower.


2020 is almost here...Happy New Year's Eve!