China’s Shanghai Composite Index ($SSEC) has broken above it’s most recent downtrend line which is near-term bullish, especially considering the positive divergences in place on the most recent move lower as seen in this daily chart (first chart).  The bigger picture, as shown in the weekly chart (2nd chart) shows that China clearly remains well below it’s primary bear market downtrend line which dates back to the 2007 peak.  Translation:  Short-term bullish, longer-term bearish.

The next chart is the daily period of Hong Kong Hang Seng Index, which shows that prices are approaching the apex of a large symmetrical triangle pattern that should resolve (break up or down) in the coming weeks.  The monthly chart shows some key longer-term uptrend lines to watch if this pattern were to break to the downside.

Finally, the Nikkei Index also appears to be in the latter stages of a large symmetrical triangle pattern show in this weekly chart.  Bottom line is that other than the short-term bullish posture of the $SSEC due to the recently breakout on the daily time frame, the longer term technical posture on these key Asian indices is not very clear at this point but should resolve in the coming weeks or months as the large triangle patterns on the Nikkei and Hang Seng are approaching their apexes (keep in mind that most triangles and wedge patterns break out shortly before the apex is reached).