HSI made a spectacular move today....

I was quite busy today with 2 meetings lined up for me. Happened that they are held in the west side of the island with one happened at 9:30AM while the other 3:00PM. I did not have much time monitoring the stock market. I only managed a glimpse of the indices through Yahoo.com and noted green all over, which seems expected. What is not expected was a strong showing on HSI! At first glance, I saw 300+ points up and before I left office for the meeting, it hit +450 from previous closing!

I got curious on this index and have a little check out, especially when it was supposed to be heading down towards 19,647 base on its wedge formation.


Fig 1 HSI Daily Chart

The HSI chart indicated HSI gapped up on opening and did not look back since, at the end of the day, it went up a total of 456 points at closing. Nevertheless, it seems to have reached its limit because it did not break its previous high. The set up seems to be a B wave at this moment and in progress of developing a flat, or rectangle, that is of course if HSI reverse from around 22,479. I see this as a resistance point for HSI.