China’s Shanghai Composite Index respected resistance at 2150 and the descending trendline, indicating another down-swing. Breach of support at 2000 would confirm. Reversal of 63-day Twiggs Momentum below its rising trendline would strengthen the bear signal.
* Target calculation: 2150 – ( 2500 – 2150 ) = 1800
Rising 13-week Twiggs Money Flow indicates buying pressure on Hong Kong’s Hang Seng Index. Breakout above 22000 would indicate a primary advance with a long-term target of 26000*.
* Target calculation: 22 + ( 22 – 18 ) = 26
India’s Sensex continues to test its new support level at 18500. Recovery above 19000 would confirm the primary up-trend, while breach of support at 18000 would warn of a test of primary support at 16500. Rising 63-day Twiggs Momentum favors a primary advance.
* Target calculation: 18.5 + ( 18.5 – 16.0 ) = 21.0
Singapore’s Straits Times Index is in a weak up-trend, consolidating below 3100. Breach of support at 3000 would test the lower edge of the trend channel. Reversal of 63-day Twiggs Momentum below zero would suggest further consolidation, while a fall below -5% would indicate a primary down-trend.
Japan’s Nikkei 225 is testing resistance at 9200. Breakout would indicate a rally to 10200. Oscillation of 63-day Twiggs Momentum below zero, however, continues to indicate a down-trend. Respect of 9200 would indicate another test of primary support at 8500.
* Target calculation: 9200 + ( 9200 – 8200 ) = 10200
South Korea’s Seoul Composite index is testing support at 1900. Breach would warn of a correction to primary support at 1750. Reversal of 63-day Twiggs Momentum below zero would strengthen the bear signal.
