by Chris Becker
We’re still stuck in a sideways trajectory as pundits reach for excuses as to why markets are going nowhere. As iron ore remains the only mover of note, the USD remains strong and equities are slowly retreating or moving sideways in distribution as a result. There’s also a lack of serious economic releases for catalysts, although the data calendar will ramp up later in the week.
Recapping Asia first where the Shanghai Composite started the week a little stronger, building on last Friday’s gains but still clinging on to very temporary support above 2800 points. I’m watching the previous intraweek low for a complete breakdown here with my target the former low at 2600 points:
