TFEX SET 50 Futures : Needs to hold above 730 to avert significant downside risk

The S50U11 contract needs to hold at 730 or better if more downside is to be avoided. It also needs foreign cash to return, and until it does we have to prepare for another leg down, which indeed a fall and a weekly close below 717 will point to.

If stocks do come off, as we think is more likely than a sustained rebound in September, during the month a dip to 670-680 for this contract looks possible.

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