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Chinese stocks have clearly dared to glance at a tiny bit of reality, as the absurd burst from weeks above has partly dissipated. The next key test for the Hang Seng is the price gap at 19954.06. Break it, and bears will continue to smash the vases in the gift shop.
Yesterday, tech stocks blasted above resistance, which seemed to be the destruction of the final wisp of hope any bears might have had left. Well, it only took a few trading hours, but this breakout has already met with ruination.
For all the pearl-clutching and teeth-gnashing last week about how amazing yet-another-bailout from China would be, it hasn’t amounted to jack squat. There was feverish talk about how the Chinese Communist Dictatorship’s Ministry of Finance (sounds straight out of 1984, doesn’t it?) was going to hold a big press conference on Saturday and Monday morning. They did, declaring how “ultra-long-term bonds” (that’ll never be paid off, I’m quite sure) in the TRILLIANS of yuan were being issued. In response, the market hasn’t done dick.
Yesterday afternoon I sent a quick update post to all the subscribers at my Crypto SubStack to warn them that there was now a high quality bull flag setup on Bitcoin (BTCUSD) that on a break up would look for a target at a retest of the September high at 66.5k. I also noted that the hourly RSI 14 sell signal that had formed and fixed as Bitcoin was hitting flag resistance had reached the possible near miss target. I was thinking of circulating this more widely but SubStack was having issues yesterday afternoon, so I thought I’d just cover this in a post today.
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