Daily Brief Technical Analysis: HSI Fresh Short Zone - Taiwan Bullish on Dip and more

In today’s briefing:

HSI Fresh Short Zone – Taiwan Bullish on Dip
Gold (XAU) – Potential to Confirm a Renewed MT Uptrend at the Weekly Close
Signs Point to More Downside Ahead; Breadth Deteriorating; Buys in Home Furnishings and Shippers

HSI Fresh Short Zone – Taiwan Bullish on Dip

A tale of two very different tapes with the HSI our top short on this bounce and Taiwan holds firm with trendline buy support as our top long in Asia.
At this juncture Asia remains mixed but increasing downside pressure will emerge after the SPX bounce terminates and brings into play a harder down leg.
HSI 21k resistance to short. Taiwan trend, price and dual moving average support lies at 14,900/700 with RSI buy support to align.

At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.
Gold retraced almost 50% of its aggressive Q4/Q1 uptrend in the past 4-5 weeks. The correction has bottomed at critical MT support.
The weekly close has the potential to deliver a bullish MT reversal pattern this week and likely set up the next phase of the MT uptrend, targeting 2070/75.

In last week’s Compass (Feb. 22) we discussed our belief that a pullback has begun, and signs continue to point to more downside ahead on the broad market indexes
There has been four failed attempts to reclaim $190 on the Russell 2000 (IWM) and $297 on the Nasdaq 100 (QQQ) over the last five trading days.
These remain important lines in the sand moving forward. Attractive stocks: TPX, LZB, SNBR, ETD, HOFT, FLXS, KEX, SBLK, CMRE, DAC, EGLE, GNK, ASC, GSL, DSX, SB, NM, EURN, more

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