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Thursday, March 11.,
Chart 1 - China's Shanghai Composite:
Last night, the Shanghai Composite moved down -0.58% and closed at 3048.93. Our Accelerator was slightly positive and the Relative Strength is still facing the hurdle of moving past 50, and is holding slightly above its support line. What to watch for: The RSI is below 50, and if it moves up past the 50 level, the Shanghai will then have a nice upside move. Be sure to see the weekly chart posted below.
Chart 2. - Just to keep the Shanghai Bubble's drop in perspective, this is a long term chart of the Shanghai Composite.
Note what is appearing on this long term chart. A very large triangular pattern with big breakout implications. The pattern is suggesting about a 30% move on the breakout side. We can't determine if it will break to the upside yet, as we would want to see the daily S.T. Accelerator to be at an extreme high level. Right now, it is only slightly positive.
Shanghai Holidays: The Shanghai will be closed during the following Holidays that remain in 2010:
April 5 Qingming Festival
May 3 Labor Day
June 14-16 Dragon Boat Festival
Sept 22-24 Mid-Autumn Festival
Oct 1-7 National Day
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