So what took the SPX down in September is pushing this market higher today.
Overnight trading was halted on Kaisa another larger property developer in China.
There is a systemic issue throughout the Chinese property developer complex.
Evergrande is nearing ATH lows again (ticker 3333).
ES now sits right on the 2.0 Fib retracement. Next Fib is at 4741 at 2.27
This ramp has pushed us back into the channel we were in from before Septemebers sell off.
Volume all week has been weak but the buying has been relentless. The ES has been trading at 80%.
Note
twitter.com/RChoongWilkins/status/1457665347125846023Looks like Evergrande missed coupon payment for bonds.
The Bond ETF shown above closed at Fresh today in Hong Kong down 3.16%
Bonds for Country Garden & Vanke the countries largest Property developers fell to fresh lows.
Now bonds for the Sino-Ocean Holdings are falling to fresh lows - and this company which is 30% state owned is 54x the size of Evergrande.
bloomberg.com/news/articles/2021-11-08/chinese-developer-controlled-by-government-is-latest-to-plunge?srnd=premium-asia
Note
Premia is down another 2.23% on the open. Not a stock - this is a bond! Something is breaking.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.