Daily Korea: SPX and Asia Bear Kick Off and more

By January 11, 2019 Korea

In this briefing:

  1. SPX and Asia Bear Kick Off

1. SPX and Asia Bear Kick Off

A brief positioning sequence update as trade kicks off for 2019. Our S&P bounce sequence outlined after Christmas met our C wave target and now set for some tactical ranging before reach for new lows in Q1.

The fact that Asia could not must a rally on the back of the US 5% move higher on December 26th shed light on the bias this is resuming today after flat range patterns are breaking down.

Sell rallies remains our macro bias, however we see a tactical low shaping up next week in part of a range bounce flat pattern ahead of the bigger bear cycle due into late Q1.

Asia base case downside targets are outlined as well as fresh short resistance levels.

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