Lance Lai appeared on Peter Switzer’s TV show “Switzer” on Sky News Business Channel on Tuesday 1 August, which can be viewed here.
1. US S&P 500: 2,470 To Retrace to S = 2,418 ( -2.1%)
Since March 22nd, there has been no real pull back.
Now in upward drive from 10 Nov 2016 = 9 months
Target of 2,472 hit on 19 July.
27 July 2017 high of 2,482
Now at 2,470
We need to have a pull back now………2,418 = 2.1% lower
2. ASX 200 – 5,768 Still in Focus T1=5,998 (+4.0%)
Since March 22 show only up 1.4%.
I said it would pull back to S = support as marked by 200 day ma or between T2 and T3 or about 3%.
It has not pulled back but gone sideways and marked time.
This is like going down with S now at the 200 day ma = 5,676 or only 1.5% lower
The support looks like it will hold.
T1 = 5,998 is still in focus
5,956 hit on 1 May 2017 = 42 pt short or less than 1% or 0.7% short of target.
3. Shanghai Stock Exchange: 3,275 Still Range Bound And Steady
R1 = 3,749
R2 = 2,628
Big range of 1,121 points of 36%
Positive signal – since March fell below 200 day ma, and now above again.
Steady as she goes with upside bias.
This market has been very stable after huge swings you can see on the left.
We want to see this remain stable.
4. A$/US $0.8005 +4.1% expected to 83.25c
A$ tracked 2yr 9 mths down from 94c to 68c
Range Bound 22 Mths…….. from B = 4 Sept 2015 to B1=14 July 2017
77c = s is a major level. Broken on 14 July 2017 and shot up to 80c = +3.9%
Outlook
T1 = 83.25c (+4.1%)
T2 = 85c (+6.25%)
Past Notes
This is a “Beautiful Chart”
S = 20 Sept show = 75.4c
200 day ma 74.589c and pointing up
Steady as it goes
20 Sept Show
July 6th = J on Chart = 74.55c
Made Upward Bias Moves:
10 Aug – 77.5c (4%)
8 Sept – 77.3c
Now 75.4c Up 1.1% Steady up
No change since last show
Technical Pattern –
2-year 8 months at top
2-year 9 months down trend
Expect range sideways, with upward bias note 200 day ma pointing up more in last 2 months.
10% Range – still similar to last show
R = 78.65
S3 = 71.50 I have raised the base of the bottom range
S2 = 70.80
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