HSI Falls More Than 3% On The First Trading Day Of 2019
HSI fell on the first trading day of 2019 as evidence of slowing Chinese growth weighed on investors already reeling from the worst year for global equities since the financial crisis. HSI futures touched 25000 support after releasing of the weaker than expected China Manufacturing data; the Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) for December fell to 49.7, from 50.2 in November, and followed a raft of soft trade data from the Asian region.
The steepest declines were in Hong Kong and China, while shares also fell in Australia and South Korea. S&P 500 Index futures trimmed an advance spurred by signs U.S. President Donald Trump may be more willing to make a deal to end a government shut down. The third wave might extend at the first quarter of 2019 and HSI is likely to retest last year pivot low at around 24500 if support at 25000 fails. I will keep short positions unless price can break 26200 resistance.
The steepest declines were in Hong Kong and China, while shares also fell in Australia and South Korea. S&P 500 Index futures trimmed an advance spurred by signs U.S. President Donald Trump may be more willing to make a deal to end a government shut down. The third wave might extend at the first quarter of 2019 and HSI is likely to retest last year pivot low at around 24500 if support at 25000 fails. I will keep short positions unless price can break 26200 resistance.