Last night I summarised the setups I am watching in Asia: http://swingtradersedge.blogspot.com/2011/03/end-of-day-summary.htm. Doing your homework after the close is a key part of successful trading I believe. I wanted to now update my plan going into today's session.
SPI is indicated at 4605. If we are to see a continuation of yesterdays move off the low, 4585/4590 needs to hold in the first hour of trading. If we see a bullish reversal off these levels, I will be looking to trade the long side and adding above 4620 targeting 4650. Note that the hourly trend is still down and we must respect this. Thus, if there is no bounce in this first hour, we may be looking at a retest of yesterdays low down to 4560/4550 before a more meaningful low can form. This is a trading environment currently and not one for new longer term positions I believe.
In Taiwan, the key levels remain 8500/8450. As I said yesterday, this market is in a clear range thus we must trade the ranges. Breaks of 8650 are bullish but we may not see that today. If yesterdays lows break we should join the momentum down.
MSCI Singapore key supports are 3555/3550. Get short on a break of this level and join the momentum targeting 3490/3500 and possibly lower. I maintain that this is only a long swing above 3650 and I doubt we will be reaching these levels today.
I will keep you posted through the day. Good luck
