Long Term Trend (36 Months): Positive
Friday’s Settlement: (ASIA): 22,909.54
UPDATE: During the past four months, a support base was constructed, and as of the last four weeks, it appears near term price action is bullish as the Index rallied over 2,000 points higher, and broke out to the upside, above the near term congestion.
Five weeks ago we stated; If U.S. Stocks continue to rally, HS could produce an upside test of 23,000.
Eight days ago that objective was met - Index rallied slightly above 23,200. Once that came to fruition, the next day we stated, “Based on our objective being met, profit taking could ensue”. Last week upside momentum stalled, but outright selling – not yet.