With the recent correction in the markets across the world over the first two months of 2010, many traders are wondering where we go from here. As far as the TAIEX is concerned, it is coming up on overhead resistance in the 7800-7900 area. I would watch what happens in this distribution area for signs of where the next couple months may have in store for the Taiwan markets.
Above 7900 on strength, there's not much resistance above, and could quite easily make a run for the '10 highs at 8395.38, with a test of 8100 gap resistance first.
As of now, going long or short is not the right move. The right move is to wait for the market to reveal itself.
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