S&P500 was flat this week. Market action elsewhere in the U.S market was confusing. Nasdaq100 rose 2.31% but Dow Jones Industrial dropped 1.38%. The small-caps index Russell2000 performed even worse as it dropped 2.85%. The overall broad market as indicated by Russell3000 declined only 0.14%. The U.S market rally is still intact.
Straits Times Index was flat this week, rising by only 0.12%. Hang Seng Index performed well early in the week but ended the week on a disappointing note, closing down 1.1% for the week. Hong Kong market remains in the doldrums.
The important price action is in China's stock market this week.
CSI300 made a follow-through day on Friday(19Nov2021). So did Shanghai Composite Index (SSE). SSE closed above the 50-day moving average, 21-day moving average after hovering below these moving averages for weeks. Shenzhen Composite Index (SZSC) made a follow-through day 1 week ago on 11Nov2021.
The broad market statistics for China's stock market has been improving every week for 3 consecutive weeks. Look at the steadily rising percentage of China stocks above 50-day and 200-day moving averages.
It is time to resume buying China stocks. I have started buying a few this week.
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