10/23/15 miscellaneous
(1) shanghai composite index
review
10/11:
An upward breakout (3324-3121) would be very bullish.
10/20:
Policy makers to provide incentives to push
the market upward.
status
People’ Bank cut instructions’ rate, effective date 10/24
1 year loan base rate cut 0.25% to 4.35%
1 year deposit base rate cut 0.25% to 1.50%
- more incentives to be announced
- 10/15, closed above the resistance 3324
- 10/23, closed at 3,412.43
(2) SPX
review
10/22:
Uses recent high low (2134.72-1867.01),
maps out strong resistance 2056.28 (0.707)- 2071.54 (0.764)
status
- session high 2077.79, Ongoing
- 2077.43 0.786 out of 1867.01-2134.72
- A 0.786, in general, is considered the
maximum retracement ratio from Low to
High (for a counter-trend movement.)
- i have under-estimated the strength on
this bounce, glad i did not short ahead the curve.
