Stocks have retraced sharply from highs. We have been warning of a retracement for the past three days or so. Hopefully, no one got caught in a FOMO trade at highs. As anticipated, we saw support from 4632, one of the exact targets we identified for support during the retracement. A green triangle on this level is confirming support, but if it does not hold, there is a vacuum zone down to 4580. Evergrande has officially defaulted, so this could dampen any hopes of another rally. Also, inflation fears appear to be picking up, so we will need to see how these two factors play on the risk sentiment as the day progresses. If we are able to catch a bid, 4693 and 4729 will be the next targets.
Nota
UPDATE: This article seems to suggest that Evergrande has narrowly avoided the default discussed above. Nevertheless, it should still be considered a risk factor...reuters.com/business/several-bondholders-china-evergrande-receive-overdue-bond-coupon-payments-media-2021-11-11/
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