The video attached below is a very condensed version of what I provide to my Insider Members in their Weekend Market Analysis.
Year of the Monkey
We won’t get any clues from China this week as the markets are closed for Chinese New Year or Spring Festival as it is also called. The Chinese New Year begins Monday, February 8 and it’s the Year of the Monkey…the Fire Monkey to be exact. I didn’t see any China economic reports due out either, until February 14.
The Shanghai Composite Index compressed further in pre-holiday trading. It still looks like consolidation in a downtrend. In the chart below I show the next support level, which is still another 10% down.
Daily Chart
In the video below I review last week’s market action by reviewing the NYSE Composite Index (NYA) and the Russell 2000 (RUT).
I also review the Dollar Index (DXY), Consumer Discretionary ETF (XLY) and Silver ETF (SLV). I then look at a related stock…Silver Wheaton (SLW).