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For the past two sessions, the iShares FTSE/Xinhua China 25 Index ETF (NYSE: FXI | Quote | Chart | News | PowerRating) has been consolidating in the upper 30% of the March advance from 22.69 to 27.86, which in general is very constructive action and should predate another thrust that points to 29.00 next. Any kneejerk downside reaction to the FOMC statement should contain the "temporary" sell-spike, prior to the resumption of strength within the dominant near-term uptrend. On the upside, key micro resistance resides at 27.75/90, which if hurdled should trigger upside acceleration towards 29.00 next.
For more of Mike Paulenoff, see his ETF Trading Diary at http://www.mptrader.com/ . To view the chart in today's analysis, visit http://www.mptrader.com/marketshistory.php?id=1268 .
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