By Chris Becker
A relatively quiet end to the week on Friday night risk markets, with the US the most optimistic going into this weekends China data dump. European stocks were under more pressure while commodities were generally weaker even in the face of a weaker USD as Euro strengthened. While most stock markets finished the week in the green, as you’ll see in the longer term charts below, the danger remains for a full capitulation within this bear market. The looming Fed decision on Friday night could be the catalyst.
Recapping Asia’s session, where the Shanghai Composite amazingly closed within 1 point of its opening price and above its terminal support line. That it did this in the previous session as well in addition to rounding out above key support levels smacks of intervention, left right and centre. The daily chart is quite clear in suggesting that for now at best its a sideways bullish bet with all eyes on terminal support at 3000 points:
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