By Chris Becker
Only US markets are putting on a show of risk on with European bourses retreating overnight on the Moody’s cut to China. The FOMC minutes showed that the Fed were basically unconcerned with any domestic US economic dramas and are still on track to tighten rates in the calendar year.
Yesterday the Shanghai Composite recovered from the rating cut after being down nearly half a percent to put in a scratch session, rising a few points to finish at 3064 points, still unable to climb back above its once critical support level at 3100. This is now moving into breakdown phase as price heads lower, unable to get above the high moving average with 3000 now back in sight again:
