As the date is closer towards last US Federal meeting of the year, the market is moving lower too. Comparing the index as of yesterday's closing and Dec 2014; the market is lower than last Christmas.
Hang Seng Index broke below important support- 21800. Cash market closed down 240.56 @ 21464.05; December futures dropped 243, finished at 21387. Range of the week for December futures was trading between 21385-22388 (1003).
With overnight Dow Jones tumbled 309.54 closing at 17265.21; the Asian market will open in negative territory on Monday morning.
Will Hang Seng Index break below 21000 again on Monday? We believe it is possible. The next crucial support after breaking below 21000 is 20249, the lowest level since this September. Having said that, since HSI closed in negative territory for five consecutive days, it is not surprised to see technical rebound. Upside resistance is at 21770.
As for KLCI Index, cash market closed down 0.52% at 1640.14. December futures ended at 1635.50 (-8.0). The trading range for December futures in this week was between 1632-1676 (44.0). Since KLCI broke below the crucial support @1650, further down are support at 1600, 1575. If market rebound, we see resistant at 1670.
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