Investment 7/7/2023

Hong Kong stocks followed closely behind the peripheral markets. The HSI opened 269 points lower and then continued to find its bottom. In the early part, it fell through the 19,000- mark. The decline was narrowed to 137 points, the month low; closed at 18,533, down 577 points. The HS technology index fell below the 4,000 mark and closed at 3,948, down 67 points. The full-day turnover of the main board was HK$97.2 billion. 

The HSI  fell sharply yesterday, breaking through the 10-DMA(19,022), the 19,000-point mark, and the Bollinger Band (18,599). Well established support is towards the May 31 low at 18,044. There is a rebound, looking up at 19,500 is a big resistance. The decline in Hong Kong stocks on Thursday was mainly due to the fall in the offshore renminbi, while the onshore renminbi against the US dollar once fell as low as 7.26. U.S. Treasury Secretary Yellen set off to visit China. The market believes that the outcome of Sino-U.S. negotiations is an opportunity to notice that the Hang Seng Index has seen a "death cross" signal.

 On June 30, when the 50-DMA fell below the 250-DMA. The last time the 50-DMA fell below 250 -DMA ,the bearish indicator of the antenna "death cross" caused a big drop in August 2021, when the Hang Seng Index was at the level of 25,000 points, and repeatedly fell to the low of 14,597 points in October 2022 before recovering. The most important thing at present is that the 50-DMA (19,391) can rise up to the 250-DMA (19,438) in the short term, otherwise the market outlook will be worrying. 
 
European stock markets continued across the board. French stocks were the worst performers at 3.13%, while British stocks and German stocks were disappointed at 2.17% and 2.57%. 

The meeting reflects that the Fed’s mind is still quite “hawkish”. The investment community is worried that monetary policy may be tightened too much to suppress the performance of the stock market. After the U.S. stock market opened 117 points lower on Thursday, the decline gradually expanded to a maximum of 517 points, reaching a low of 33,771 The market closed 366 points lower at 33,922; the stock index dropped 35 points to 4,411; the Nasdaq Composite Index, which is dominated by technology stocks, reached 112 points to 13,679. 

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