By Chris Becker
A mixed return from US traders overnight as the broader S&P500 fell while tech stocks advanced, while European bourses retreated as EZ confidence retreated as did the German CPI print, coming in lower than expected. While US economic measures were sound, doubt remains on the other side of Chimerica with today’s Chinese manufacturing PMIs to be crucial.
Wrapping up events in Asia yesterday, the Shanghai Composite was closed again for the Tuen Ng festival but should re-open today. As I noted on the weekly chart, 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:
