Long Term Trend (12 Months): Negative to Neutral
Friday’s Close: (ASIA): 21,451.92
UPDATE: In light of a 4,400 point drop since October 2015, and our Bearish stance throughout that entire period, eight weeks ago we stated, “Near term, it is certainly oversold but the Bear market remains in full swing”.
As of the last eleven weeks, the HS jumped higher from the multi- year low, rallying 3,400 points in the process. It remains a fair distance away from being considered bullish, but is starting to neutralize buy way of the “V” bottom which was formed during the last three months.
If U.S. Equities correct lower, HS will back off.