India’s Sensex is retracing to test its new support level at 17500. Respect of support would confirm the primary up-trend and signal an advance to 18500*. Rising 63-day Twiggs Momentum also suggests a primary up-trend.
* Target calculation: 17.5 + ( 17.5 – 16.5 ) = 18.5
Singapore’s Straits Times Index is consolidating above support at 3000. Reversal below 3000 would signal a test of the lower trend channel, while follow-through above 3100 would indicate a fresh advance. It is unclear whether 63-day Twiggs Momentum will oscillate around zero, indicating a ranging market, or above zero, indicating a healthy up-trend. The next trough should clarify this; respect of zero indicating a primary up-trend.
Japan’s Nikkei 225 index is retracing to test support at 9000 after completing a double-bottom. Respect would confirm a primary advance to 10000. 13-Week Twiggs Money Flow peaking below zero, however, warns of selling pressure.
* Target calculation: 9100 + ( 9100 – 8200 ) = 10000
China’s Shanghai Composite followed-through below 2100, confirming the primary decline with a target of 1800*. Reversal of 13-week Twiggs Money Flow below zero indicates selling pressure.
* Target calculation: 2150 – ( 2500 – 2150 ) = 1800
The Hang Seng drifts fairly aimlessly. Declining 13-week Twiggs Money Flow suggests selling pressure. Breach of 18000 would signal a primary down-trend but we still appear some way from that.
* Target calculation: 20 + ( 20 – 18 ) = 22