Chinese Market Again

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News Buzz

• China stock market jump may be a ‘tradable rally’ – But approach cautiously.

• Xi’s economic adrenaline shot may be buying China just a little time.

• Visa was sued by the US in an antitrust case over debit card markets.

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China Market Last Week – Are You a Nimble Trader?

• Last week, I posted that the Chinese market ETF, FXI, may be tradable.

• Are you one of the nimble traders who took the opportunity before a big jump yesterday?

FXI Shorter Term Cycles

• Let’s consider shorter cycles before yesterday’s rally.

• The dominant cycle on the 2H chart is of length 253 bars or 21 trading day (TD).

• The cycle is expected to peak within a few days – allow for up to 15% tolerance for cycle length accuracy.

• It does not mean that the price will peak simultaneously with this cycle because other cycles also impact the price.

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FXI Technical Analysis

• It appears that FXI is following a 3-wave corrective pattern, A-B-C, unless, over time, it develops into a bullish leading diagonal.

• A news-related price jump yesterday stopped at the noted 1st resistance level (1^st gray horizontal line).

• 200W MA may provide resistance to further price progress.

• Ideally, FXI would reach blue and green 100% Fibonacci levels where C=A and circle-a=circle-b. Incidentally, the 2nd resistance level coincides with these 100% fibs.

Market Summary

As of close on 24 September, 2024

What Has Been

• Major indexes registered back-to-back gains to new record highs despite lagging consumer confidence that clipped Treasury yields.

• Asia was mixed, while Europe and the U.S. were green.

• Dow advanced 83.57 points or 0.2% to 42,208.22

• S&P 500 advanced 14.36 points or 0.25% to 5,732.93

• Nasdaq advanced 100.25 points or 0.56% to 18,074.52

• Russell 2000 advanced 3.62 points or 0.17% to 2,224

What’s Next . . .

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