Macro Morning

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By Chris Becker

The confidence fairy took a dive last night, shot down by flak from troubles emanating from Deutsche Bank as safe money chased bonds and Yen, sending stocks down across the board. Oil rebounded as the delusional Saudis reversed their production cut naysaying, while ECB boss Mario Draghi pleaded with the EU to actually do something instead of pandering to their German centrists.

Recapping Asia’s session yesterday, where the Shanghai Composite has broken down, falling nearly 2% to crack terminal support at 3000 points. With this significant break, price is likely to retrace down to previous support/congestion at the 2800 point zone, so watch out:

ssec_ix_price_daily_and_commodity_channel_index___daily___40_periods.25mar16_to_01oct16

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