Shanghai Move Could Support S&P 500
The Shanghai Composite remains in “spring position” ahead of a potential upside breakout from its May-September base pattern. Let’s notice that the recent price action of both the SH COMP and the S&P 500 is starting to look similar — that is, a rally at the end of August into early September followed by a sideways, bullish consolidation area that should resolve itself to the upside in a thrust towards a test of the 200 DMA (2763) in the SH COMP and a confrontation with the June-Aug. highs