China spooks the mkt in the afternoon as a return to tightening policy inspires profit take. Panic set in but managed to recoup some losses by the end of the day. Luckily “just profit taking only lah” sentiment prevails. But, Europe strong.Fbm.fkli hit the low on kneejerk reaction in the first 30 mins of PM trading. Recent bullish tone help to support the mkt above 1160. Still, China plunge cost the mkt almost 10 points.
Like the many previous cases in this month run, weaknesses only give toppish outlook but yet remains resilient.- meaning the mkt uptrend still intact, 1200 target is still alive as its above 7SMA.
Next immediate buy signal is above 1170 or 1175. Below 7SMA is sell.
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