by Chris Becker
Welcome back to Macro Morning for another year of market frivolity. Like most Monday morning caps, this will take a longer range view of the markets and what happened over the Christmas/New Year break, a usually sanguine time for markets as traders take a bit of time off. For commodity, stock and bond traders, it was about licking wounds. I’ll have a proper review of last years highlights and lowlights later, but first let’s look at Asia.
The Shanghai Composite remains stuck in a tight resistance zone, unable to climb above 3600 points as its 2015 collapse is being meekly re-inflated. Although the weekly chart shows a rising series of higher lows, the inability to gain traction is telling, so I’m watching the break of that trendline in the week(s) ahead and back down to support at 3000 points:
