Looks to me like the Chinese were responsible for the EOD pump, HSI and KOSPI are both up .6%.
HSI has a long way to go until it hits 2018 peak, so don't be surprised if you see more random pumps like we had Tuesday. Also note that they love NQ, which is green right now while ES, RTY, and YM are all red. Asians love to pump tech.
Expecting HSI to top at 27100-250 area and make its way down within next few days.
26750-800 is the key support. Distribution as of now does not support a broader selloff.
If you are new, i update regularly throughout the week within this post as the action unfolds.
We have broke 25 and 26k, next stop is the 200 ma (red line), channel resistance and psychological level of 27k.
Because of how fast we have run in the last couple of days, I do expect us to retrace back to the blue line and even the 50 ma (yellow line) at some stage. It is likely that we retrace back to the these levels before going to 27k.
Appears the Asians and EUros turned the algos back on we're back to the Mon/Tues/Wed pump and probably a down day Thu as everything gets overbought.
Not gonna chase the market tomorrow, will wait until Wed afternoon or Thu morning for a short opportunity.
View On Hong Kong Stock Index (19 Oct 2020)
The demonstration in HK is over for now and it didn't have the outcome that some people want it to be.
So, the stability is back in HK for now and we shall see it's stock market trying to do some catch to their peer.
23K level shall be a decent and strong support for now, it can rise further on the UPside.
Read this news here
USA has 30 trillion , ie . 3 times the market cap of China which shows that at the rate that China is growing, it has 3-5 times the potential of future growth.
HK has about 4 trillion right now and with the recent changes made to its policies and China's intervention, I believe for HK to double its market cap is possible in years to...
I guess I should have noticed this Friday.... Hang Seng futures actually went oversold.... explains the pump we're seeing.
RSI now overbought and it's quite the pump so not sure if we see any follow through Monday night. Will re-evaluate the situation tomorrow, but for now I'm long on AAPL.