The Long Investor

HSI

Added 2024-07-19 12:09:13 +0000 UTC

The Third Plenum is now complete and they announced a number of soundbyte lines that they will focus on the economy and bring competitiveness to the markets but I did not see any solid announcements of further stimulus measures.

I found it strange that this final day happened on the same day as the Republican National Parties final day too, did the Chinese ease off on making any strong announcements due to the significance of the day?...I don't know but Trump did say he would support the car manufacturing industry on Day 1 of his presidency and he was not referring to supporting the EV sector.

Back to the chart, the 0.618 Fib was still held and the price is still above its 200 Day MA, any breakdown here and this would cause a concern for its impulse structure.

We saw in April that the HSI rallied when the $SPY and $QQQ dropped hard, this is not happening here, which suggest that the market does not consider that the US market has topped, just my belief for now.

This all being said, $BABA is now top of my list to add again as I have a considerable amount of $BIDU and happy with my current position.