In today’s briefing:
- Tencent Nearing Our Buy Zone
- SPX Met Blow off Zone
Tencent Nearing Our Buy Zone
- Tencent is nearing our 302 support target with undershoot risk to sub 300, support at 290. HSI continues to trade heavy but reaching oversold levels.
- The break below 331 acted as the most recent sell trigger and will turn into resistance on the way back up. We turned bearish Tencent back in February.
- Need to see lower price with weakening sell volumes for better buy conviction. Lower wedge support the buy zone, sync with an HSI low.
SPX Met Blow off Zone
- SPX kissed our 4,250 overshoot zone to unwind our 4,120 long. A case of selling the fact as Euphoria fades and reality sets in.
- RTY remains our top US short and is underperforming the SPX. 1,710 near target with a June bias to crack this pivotal support.
- US 10yr yield met our rally and sell target at 3.80%. Macro take was to sell yield at 3.80% to test pocket support. USD will lag.
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