China's Shanghai Index made a new 3-year low close today, as shown on the Daily chart below. The RSI, MACD & STOCHS indicators are diverging upwards, but are still hooked down.
However, this GXC:SSEC ratio chart shows that Chinese Financials are still rising, but are approaching overbought territory compared with the Index.
Things could get interesting soon in China...more Central Bank stimulus coming? If not, look for their Index to, potentially, fall off a cliff.
However, this GXC:SSEC ratio chart shows that Chinese Financials are still rising, but are approaching overbought territory compared with the Index.
Things could get interesting soon in China...more Central Bank stimulus coming? If not, look for their Index to, potentially, fall off a cliff.
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