Shanghai: SSE Composite Index (.SSEC) China foreign ministry: We’ll never surrender to foreign pressure
China’s main equity indexes finished lower on Monday and the yuan weakened to a four-month low as investors’ hopes for a deal to end an escalating trade war between the United States and China were dashed by signs of a stalemate in trade negotiations.
The benchmark Shanghai Composite index ended the day down 1.2% and the blue-chip CSI300 index lost 1.7%, resuming the previous week’s downward slide.
For the month, the Shanghai Composite is down 5.7%, while the CSI300 has lost 6.2%.
The risk of U.S.-China talks breaking down and the two “settling down into an indefinite economic war of attrition is now uncomfortably high,” Arthur Kroeber, founder of Gavekal Dragonomics, said in a note.
“The deeper that both sides entrench themselves in their political story lines, the more that risk will grow,” he added.
Losses in the CSI300 on Monday were led by financial firms , which dropped 2 percent. The consumer staples sector ended down 0.06 percent, the real estate index lost 0.43 percent and the healthcare sub-index fell 0.58 percent.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 3,054.47.
The projected lower bound is: 2,751.45.
The projected closing price is: 2,902.96.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 34.7902. This is not an overbought or oversold reading. The last signal was a buy 1 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 36.21. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 1 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -76. This is not a topping or bottoming area. The last signal was a buy 1 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 18 period(s) ago.
Rex Takasugi – TD Profile
SSE COMPOSITE closed down -35.498 at 2,903.713. Volume was 27% below average (neutral) and Bollinger Bands were 88% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 2,977.16 3,088.50 2,773.24
Volatility: 41 32 27
Volume: 26,273,329,152 37,020,807,168 20,849,577,984
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
SSE COMPOSITE is currently 4.7% above its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect moderate flows of volume out of .SSEC (mildly bearish). Our trend forecasting oscillators are currently bearish on .SSEC and have had this outlook for the last 9 periods.
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