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Singapore (FSTI) backed away from the higher side of its range just above the psychological 3000 level in August but held most of its gains during the subsequent consolidation. Consequently, this broad pattern appears to be nearing completion and a close beneath 2900 would now be required to indicate more than brief resistance near current levels and to delay a resumption of the overall upward trend before long.

India (Sensex) reached a new high for the year today following a consolidation of earlier gains in the 18,000 region. Underlying trading appears more than sufficient to support higher levels and close beneath
17,850 would now be required to delay current scope for additional gains.

China (Shcomp) is steady in a narrow consolidation and a close beneath 2560 would now be required to indicate more that brief additional resistance near current levels before the recovery continues towards at least the 200 day moving average.

Hong Kong (HSI) is still rangebound, as are many stock market indices, but the work put in at the lower levels of this band makes the overall pattern look less like a top area and more like a lengthy pause in a bull trend. This would become more apparent on a close above the August high near 21,800, breaking the progression of lower rally highs.


John Husselbee: Back to School - My thanks to the author for this topical report on bonds versus equities, deflation versus inflation, published by North Investment Partners. It is posted without further comment except that I am in general agreement.