Thursday, May 17, 2012

Morning Market Analysis: Asia Falling

I'm traveling today and tomorrow, so I'm a bit pressed for time.  However, the charts below are extremely important.  All the markets in the Asian area are falling and are at important technical levels.  Most importantly, the selling has accelerated over the last few days.

The Chinese market has been in a downtrend for the last two months.  Prices moved lower in March, rallied a bit through April and have been moving sharply lower for the entire month after hitting resistance at the 200 day EMA.  The EMAs are now bearishly aligned.  The next level of support is in the 33.5 area.

The Singapore market moved through support in the 12.4 area and is now looking for support at various Fib levels. Momentum is decreasing as is the CMF and volatility is increasing. 

The Taiwanese market is also moving lower on decreasing momentum.  Prices are now below the 200 day EMA.  If prices move through the 12 price handle, the next target is the 11 area.

The South Korean market has dropped sharply over the last few trading sessions as it has moved through the 200 day EMA.  The CMF is dropping along with the MACD.  Also note the volatility is increasing. 

The Australian market has moved through the 22.50/22.75 level and is now at the 38.2% Fib level.  Momentum is decreasing, as is the CMF.  Also note that prices are below the 200 day EMA level.

The Japanese market has moved through support around the 200 day EMA.  The EMAs are moving lower, momentum is declining and volatility is increasing.

These markets tell a a simple story.  Money is leaving risk markets in the Asian rim.