By Chris Becker
Subdued risk markets overnight as both UK and US markets were closed for holidays, leaving Europe to fend for itself. Italian markets fell on news of a possible early election and while Pound Sterling rallied, the Euro retreated to its lowest level in over a week as volume trailed off.
Wrapping up events in Asia yesterday, the Shanghai Composite was closed. As I noted on the weekly chart yesterday, we can see how important the support area at 3000 to 3100 points is and why long positions should only be built above the 200 day moving average key support as the uncle point:
