by Chris Becker
Steady as she goes is the order of the day here in Asia with no lead from US markets, closed overnight due to the Thankgsiving holiday. The Shanghai Composite is not going anywhere, with a small slump at the open recovered by lunch where it sits now with a scratch reading heading into the close. The Hang Seng is doing better, up 0.3% and trying to make some ground after breaking up from its downtrend previously, now at 22685 points with the daily chart showing the caution around the 23000 point level:
In Japan, share markets are also flat with no lead as Yen remains steady against USD with USDJPY pair actually falling back to hourly support just above the 113 handle after being considerably overbought. The return of US traders should see the selloff continue overnight:
S&P Futures remain steady while the ASX200 is putting on some good runs today, up 0.4% and finally cracking 5500 points, closing at 5507 mainly due to miners as BHP and Woodside have solid days, while banks retreat somewhat. The market is now poised near its high for the year in a swift rebound that is a little too quick and with the potential to reverse if it can’t make a new high here:
The Aussie dollar is breaking out too as I suggested earlier this morning, breaching resistance at the 74 handle and currently at 74.30 against USD, near its intraweek high:
Oil on the other hand is finding a lot of sellers in Asia, breaking down the lower edge of its symmetrical triangle. I’m watching the $47USD per barrel level proper tonight to break further:
The data calendar finishes the week with a couple of bangs – namely 3Q GDP for the UK and then advanced goods orders for the US. With the coming back of US markets from the extremely weird and unnecessary midweek holiday (have it on a Friday!) volume and volatility could be low around these prints.
Have a good weekend and see you on Monday morning for a bigger, longer, better wrap of the markets.