by Chris Becker
The bear market rally continued overnight, but in mixed fashion with European stocks moving higher and US bourses following reluctantly as the USD tried to recover its strength. Risk markets are awaiting decisions by central banks yet again, following the ECB meeting last week with the BOJ today and the Fed on Thursday (AEDST). Oil fell back but remains on trend while other commodities swallowed the inefficient Monday morning open from a news-free weekend cycle.
Recapping Asia’s session, the Shanghai Composite rose nearly 2% before lunch yesterday, losing only a little before the close at 2860 points. Not much to get excited about as the daily chart shows resistance overhead at 3000 points just can’t be cleared:
