KEEP A CLOSE WATCH ON SHANGHAI 2,947. If the Shanghai Composite Index closes the month below 2,947, it would form a monthly bearish outside month (bearish engulfing candle) which is a vocal bearish signal for the next month. prolonged declines from there could have significan price repercussions on other global equity indices. Today, the SSECI fell 2.6% to 2,915.80. While it is not unusual for the dollar to be rising only against the yen and falling against most of other currencies during improved risk appetite, recent days have shown the dollar to be rising against BOTH the yen and sterling, which underlines our bearish stance on GBPas detailed under the latest article sterlings sell-appeal. Expect oil to further pullback off yesterday's highs74.78 highs and USDCAD to regain 1.0940.