Hey guys
Hope you had a good weekend. Let's take a look at Shanghai composite.
Weekly as you can see has macd crossed down and price is below kijun and currently testing it from below.
Daily is below cloud and macd is crossed up but below zero line and coming into resistance again. Daily also below a key trendline.
4h is currently testing cloud top.
Why am i watching this? If this index head south, we can see the ripple effect in global markets and hence US equities as risk off. The opitimism is extreme right now and we can see sharp sell off as we saw friday. I did trade that friday and booked profit at the end of the day as it was very sharp move and we can see some ST pullback which will be another short opportunity. I'll post on it later today as well.
Happy trading.
Thanks
Hope you had a good weekend. Let's take a look at Shanghai composite.
Weekly as you can see has macd crossed down and price is below kijun and currently testing it from below.
Daily is below cloud and macd is crossed up but below zero line and coming into resistance again. Daily also below a key trendline.
4h is currently testing cloud top.
Why am i watching this? If this index head south, we can see the ripple effect in global markets and hence US equities as risk off. The opitimism is extreme right now and we can see sharp sell off as we saw friday. I did trade that friday and booked profit at the end of the day as it was very sharp move and we can see some ST pullback which will be another short opportunity. I'll post on it later today as well.
Happy trading.
Thanks