Psst-Largest country in the world is attempting a bullish breakout! What happens here impact S&P 500?
Many major stock index’s in the United States and Europe are either at all-time highs or near them. One sixth of the worlds population can’t make the same statement though!
CLICK ON CHART TO ENLARGE
The top chart highlights that the Shanghai index and FXI are both making another attempt to break from multi-year falling resistance lines at (1). At the same time the Shanghai index is setting on a support line that dates back almost 20 years, creating a multi-year pennant pattern that will come to an end pretty soon.
Should the Shanghai index & FXI break resistance (which it hasn’t been able to do for years), buyers could start purchasing these under performers and push them a good deal higher. Could a breakout in China help push Europe and the States stock index’s even higher?
Stay tuned….this is a very interesting “Resistance” point for investments that represent one sixth of the worlds population! Is a multi-year bullish breakout about to take place? Pretty interesting price point for this region of the world and maybe the entire world!!!
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