By Chris Becker
As I wrap up the last Macro Morning of the year, traders around the world are winding back positions and keeping an eye on the clock rather than the tick, so volume is getting lower and lower and volatility a little looser. This means don’t put too much stock (sic) into any major moves right now and luckily there’s not many scheduled economic events to upset things. Last night saw US stocks retreat a little alongside Treasuries, while gold dropped further and other commodities were mixed.
Yesterday in Asia, the Shanghai Composite has a scratch session, closing right on previous support at 3140 points. Momentum is still negative and price hasn’t cleared the high moving average, so no reason to get excited as this move is still on track to hit the next support level at 3000:
