A volatile market session overnight with a brace of economic releases, tragic news around the ongoing Brexit saga and then two major central banks meeting and abstaining from further stimulus. The BOJ held fire so the Yen jumped against everything, while the BOE stayed the course a week before the Brexit referendum which seems to be firming in the direction of stay. Stocks rebounded on Wall Street in a late session rally, as European bourses slipped but futures are playing catch up. Oil was sold off heavily as were other commodities with gold unable to breach its 2015 high that is just out of reach.
Recapping Asia’s session first where the Shanghai Composite wobbled once more, down 0.5%, still below resistance and the last week’s daily highs. I remain on the outlook for a breakdown at 2800 points with my target the former low at 2600 points as resistance at 3000 points is constantly rejected:
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