S&P500 Very Short-term: Up against Channel Resistance

1040 acts as solid support once again! The strong rally towards 1065 in the last session, will run into resistance(channel) around here, and at the congestion area around 1070. Would be interesting to see if 1060 holds during the ensuing consolidation. If it DOES, we may see 1080. If it DOES NOT, we may be about to find out how solid (or not) 1040 really is!

MSCI Emerging Markets & HSI: Trendline Break

MSCI Emerging Markets Index looks like it has completed a B wave up, and is probably setup for an impulsive C decline over the next couple of months. Strong support in the 900-910 area, a failure of which will open the door to 825-830 region, to end the correction.

On a related note, Hang Seng Index (HSI) has broken its short-term uptrendline and may be headed lower to the 19800 region initially. Further supports at 19400 and 19000. In the very short-term, a rebound is possible to re-test the trendline break.

All the best!