By Chris Becker
The economic data finally beat out the political embroglio with better than forecast initial jobless claims and the Philly Fed print helping short sellers re-evaluate the risk off scenario. US stocks rebounded while European bourses continued to selloff with futures suggesting a small uptick on Asian markets on the open this morning, although this may be offset by falls in commodity prices overnight.
Yesterday the Shanghai Composite sold off going into the close, finishing down 0.5% to 3088 points, unable to climb back above its once critical support level at 3100. Momentum and long term price support still do not suggest that the move back above previous support will last, witha break above the 200 day moving average (light blue flat line below in the daily chart) the line to watch:
