Taiwan Weighted Index (TWSE) Meets Our 8650 Target
Posted on: Wednesday, October 15th, 2014
The Taiwan Weighted Index (TWSE) has declined to as low as 8635 today, meeting our 8650 downside target first mentioned in our September 29th Keys To this Week report, to capture a 340 point, 4% decline in the index in a little over 2 weeks.
Meanwhile, the positively correlated S&P 500 has coincidentally declined by 111 points or 6%.
From our September 29th report:
“TWSE broke down last week from 2 months of sideways investor indecision, indicating that a significant peak is in place at the index’s July 15th high and targeting an additional 4% decline to 8650. Considering TWSE’s tight and stable positive correlation to the S&P 500 since 2000, last week’s breakdown in TWSE is seen as being indirectly negative for the US broad market.“
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