The S&P 500 is testing resistance at 1650, but declining 21-day Twiggs Money Flow warns of continued selling pressure. Breakout would signal an advance to the upper trend channel, around 1700. Reversal below 1600, however, remains likely and would indicate a correction to 1500.
China’s Shanghai Composite Index broke primary support at 2170 on Thursday. Follow-through below 2150 would signal a decline to the 2012 low of 1950*.
* Target calculation: 2150 – ( 2350 – 2150 ) = 1950
The ASX 200 is retracing to test its new resistance level at 4900. Respect would confirm the primary down-trend — as would a peak below zero on 21-day Twiggs Money Flow.
The ASX Small Ordinaries Index, reflecting retail investor interest in the market, continues its primary down-trend. Breach of the 2012 low at 2040 warns of a decline to 1700*.
* Target calculation: 2050 – ( 2400 – 2050 ) = 1700
