Shanghai (SHC), FXI, EEM, PIN, RSX, EWZ
China both SHC and FXI still weak and likely first choice for shorts in Q2. EEM has been doing well but paused on 1HP, interesting area to watch. PIN getting in gear but still well under long term pivots. Nifty/Sensex might be better gauges than the ETF but if you are reading this then assume USA audience and India ETFs are the easier vehicles to trade and factor in currency issue as well. RSX and EWZ have moved with oil up to YP levels; both slightly exceeded then dropped back under. Both are still showing some strength around 1HPs and will obviously move with oil.
No immediate signal on any of these but EEM clearing 1HP would be reason to hold that if in, or consider as longer term buy although immediately running into YP makes that not the ideal setup. Red lines are 2015 close and you can see a few that jumped when getting positive on the year.
For study note lows of year on: FXI YS1 near exact, EEM 1HS1, PIN YS1, and RSX YS1 (some 1/20 area others 2/11). Not bad eh?
SHC W chart stable along with all risk assets but weak bounce considering.
SHC D chart that has been above MarP most of the month but stopped just under MarR2. It is likely that SHC starts next quarter below Q2P but might be above the AprP, we'll see.
FXI W also weak bounce, although low of year on YS1 near exact!
FXI D chart well under Q1P, but soon we'll have Q2P as possible trade signal.
EEM W chart low 1HS1 exact and rally to 1HP. Last bar red but note held last week open level. I think this is pause more than rejection so far.
EEM fading back under Q1P with RSI reaching OB about 3x. Was that it?
PIN W massive buying from YS1 but not much follow through.
This will look better if above Q2P, we'll see.
RSX strong move along with oil from YS1 low to YP pause. Holding 1HP as support the last 2 weeks and still above despite the drop is a sign of some strength. But for now some resistance at the YP as well.
Big jump when RSX went green on the year, and smart money taking profits on the Q1R1 exact with daily RSI showing some bearish divergence too.
EWZ weekly bottomed before reaching any support level, due to how far down there were on last year's range. But fast move up to the YP with 1 bar just fractionally above, then back below; still holding 1HP.
EWZ D chart big jump on getting green for 2nd time. That is picture perfect RSI divergence on the recent high.