ChiNext Through July 11

ChiNext remains in a bullish uptrend in the short-term. Currency devaluation is starting to have an effect, but even a depreciation in USDCNY to 7.50 tomorrow wouldn't change the current bullish picture. The ChiNext price index would need to fall 19.6 percent to take out the low from September 2015. Currency adjusted ChiNext requires a 15.7 percent decline. On the upside, a gain of 4.6 percent takes out the recent high set in April 2016. It is 23.4 percent below the next high, set in November 2015. ChiNext remains 44.3 percent below its peak.

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