By Chris Becker
Here comes the rebound with US stocks out of the gate and reaching higher overnight as domestic consumer confidence reached a new high, sending a selloff in Treasuries and a rally in USD. This will provide a good tailwind for Japanese stocks in Asia’s session today.
Looking at what happened locally yesterday first, the Shanghai Composite closed down 0.4% to 3252 points, still unable to climb significantly above local support at the 3200 level. This has been a lacklustre meltup and the upside target is far too minor to worry about a long position here just yet:
