The ICBC's 10% yield bond that was almost defaulted, started a wave of selldown of shares and currencies by emerging markets, which transitioned into stimulus reduction by the Feds. The current bad US manufacturing data also contributed to the continuous bearishness.
As mentioned previously about the bearish wedge break down(followed by the 3000 psychological support break down yesterday), I foresee volatility with possible short term rebound(RSI for majority of bellweathers at oversold position), but overall macro trend will be bearish with current support at 2930 followed by base support 2700.
Will be a good gauge to start accumulating at 2930(for bellwether stocks). If you are more risk averse, it will be ideal to accumulate if index were to hit 2700(base support) each to his/her own.
As mentioned previously about the bearish wedge break down(followed by the 3000 psychological support break down yesterday), I foresee volatility with possible short term rebound(RSI for majority of bellweathers at oversold position), but overall macro trend will be bearish with current support at 2930 followed by base support 2700.
Will be a good gauge to start accumulating at 2930(for bellwether stocks). If you are more risk averse, it will be ideal to accumulate if index were to hit 2700(base support) each to his/her own.
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