Macro Morning

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trading week globe world
by Chris Becker

Everything is awesome is the number one song on the traders playlist going into the Brexit referendum, with stocks and all currencies except Yen soaring into the exit polls this morning. Commodities were also dragged along with both oil markers up 2%, copper continuing its surge while traditional safe haven gold remains depressed. The vote is not yet over so we go into the Asian session tentatively optimistic that the worst is over.

Recapping yesterday where the Shanghai Composite slipped below 2900 points again in a very unconvincing session, where daily price remains below local resistance at the previous week’s daily highs and a tight band of support suggesting a violent breakout – or breakdown – coming:

ssec_ix_price_daily_and_commodity_channel_index___daily___40_periods.16dec15_to_30jun16

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