by Chris Becker
A boring Asian session translated into a mixed European session until we got to the US durable goods order print and a slew of earnings in the ‘States, culminating in a big downward surprise for tech giants Apple and Twitter, as reported here. Crude oil supported stocks by rising nearly 3% as did the USD which fell to a near 10 month low against the majors, alongside US Treasuries now threatening the 2% yield mark once again. Its been a case of wait and see across risk markets as two major central banks – The Federal Reserve and The Bank of Japan – hold their monthly meetings tonight and tomorrow respectively.
Recapping Asia, where the Shanghai Composite remains below 3000 points, after a very small rally yesterday up 18 points to 2964 points, but still confirming the bearish rising wedge pattern I’ve been warning about The target for this move remains the next line of support at 2850 points or so:
