The H-share index futures contract on Hong Kong Futures Exchange bore the brunt of Donald Trump’s surprise election victory on Wednesday, seeing one of the biggest daily ranges in months. Nevertheless, by historical standards, volatility remains subdued, testament to the depth and decent volume in this market. The problem technically is the daily close below Fibonacci 38 per cent retracement support, completing a gentle rounded top chart pattern that has been building since early August. Similar formations appear in other major indices. We would therefore allow for a pullback to the 61 per cent retracement support level at 8,940 points, possibly as early as next week because momentum is bearish and the index is not oversold, and then to 8,800 points.