Hang Seng Index (14910)

I had called for a bounce from the 200-Day Moving Average to possibly retest the recent high in the area of 15500. I got the bounce I wanted, but I think it might have run out of gas for the short term without making it back to my 15500 target. It's showing signs of once again setting back to its uptrending 200-Day MA in the area of 14500.

I had expressed earlier concern about the possibility that we could be looking at an important intermediate term top in the area of 15500. With the passage of time, the long term outlook remains strong enough to suggest that we will ultimately push above 15500. Indications are that we will continue to ride along above a healthy uptrending 200-Day MA line.