Macro Morning

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By Chris Becker 

The BTFD rally had a pause overnight as US markets were closed for the President’s day holiday and the economic calendar was relatively empty providing no catalysts. The focus was solely on Europe particularly with the failed Heinz takeover bid on Unilever which dragged stocks while bonds were largely unchanged.

Looking at Asia’s session yesterday, where the Shanghai Composite zoomed out of the gates, lifting over 1% and taking back most of Friday’s losses, finishing at 3240 points. Support at 3100 points remains solid, and momentum continues to build here for an attempt to breach the 2016 high at 3300 points:

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