Despite a big bounce on Monday's currency news, the Shanghai Composite ($SSEC) remains within a trading range and continues to show relative weakness. After a sharp decline in April-May, the index formed a triangle consolidation around 2550. Watch these boundaries for the next directional clue. Also notice that the index remains below its early June high, but the S&P 500 broke above this corresponding high. The missing candlesticks represent holidays.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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