Shanghai: SSE Composite Index (.SSEC) investors awaited a resumption of trade talks between the U.S. and China
Asian shares were mostly lower on Thursday following a decline on Wall Street, as investors awaited a resumption of trade talks between the U.S. and China.
Japan’s Nikkei 225 lost 1.6 per cent to 21,033.76 and the Shanghai Composite index sank 0.9 per cent to 2,994.94. Australia’s S&P/ASX 200 added nearly 0.7 per cent at 6,176.10. South Korea’s Kospi fell 0.8 per cent to 2,128.10, while Hong Kong’s Hang Seng gained 0.2 per cent to 28,788.73. Shares were mixed in Southeast Asia and fell in Taiwan.
Technology and health care companies drove a broad slide in U.S. stocks Wednesday, erasing some of the market’s solid gains from a day earlier. The sell-off put the Dow Jones Industrial Average on track to end the month with a loss and marked the second drop for the benchmark S&P 500 index this week.
The yield on the benchmark 10-year Treasury note fell to 2.36 per cent, raising some fears about a possible recession within the coming year.
The S&P 500 dropped 0.5 per cent to 2,805.37. The Dow slid 0.1 per cent, to 25,625.59. The Nasdaq composite lost 0.6 per cent to 7,643.38. The Russell 2000 index of smaller company stocks gave up 0.4 per cent to 1,522.23.
The Trump administration and Chinese officials are about to hold their eighth round of trade talks in Beijing with several tough issues unresolved, including a timetable for lifting tariffs and a way to enforce any agreement.
Many analysts say they expect some limited agreement to be reached in the coming weeks or months. Yet it’s unclear how far any accord would go.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 3,129.47.
The projected lower bound is: 2,878.81.
The projected closing price is: 3,004.14.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 33 white candles and 17 black candles for a net of 16 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 12.8978. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 3 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 52.37. 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 sell 14 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 -86. This is not a topping or bottoming area. The last signal was a sell 4 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 11 period(s) ago.
Rex Takasugi – TD Profile
SSE COMPOSITE closed down -27.776 at 2,994.943. Volume was 23% above average (neutral) and Bollinger Bands were 27% narrower than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 3,056.32 2,826.33 2,742.93
Volatility: 23 27 26
Volume: 35,408,429,056 30,067,834,880 18,002,806,784
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 9.2% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of .SSEC at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on .SSEC and have had this outlook for the last 47 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.
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